Self Purchasing Women is Growing Consumer Segment
September 30, 2017 § Leave a comment
Beyonce’ may have had a hit with Put a Ring on It but there is a growing consumer trend among young adults who are not married, not living with a partner and are without children. These women are “single indies” and they are an emerging consumer segment buying their own rings – and everything else.
There are some 31 million “Indie Women” constituting about a third of all adult women; they tend to have more disposable income than other women, spending $1 trillion each year — $22 billion on vehicles (five times more than independent men), $20 billion on entertainment, and $50 billion on food; they over-index for television by 12%, watching 15% to 64% more late night programs than average women; and they are multi-screen users.
They are also more socially engaged online both as info seekers and as advocates, being 6% more likely to pay attention to online consumer ratings and reviews, and 12% more likely to say their friends ask them for health and nutrition advice. And they are 10% more likely to say they are pretty much first among friends to shop at a new store.
And they are successful, being the first generation of women to reverse the ceiling in school and at work. They are 57% of undergrads, 59% of masters degree holders, and 52% of managerial positions. The appeal of this market is beginning to grow among brands seeking to reach the younger audience.
2014 was the first year there were more single American adults than married ones in the U.S.
One of the interesting purchase trends is jewelry. A study on jewelry purchases by the market research firm Mintel, conducted in 2012, showed that more than half of the women who bought for themselves did so simply to treat themselves. Occasions for women buying jewelry for themselves include marking an important life event such as birthday, career success or certain occasion, a bonding experience with someone like a friend or child, or anniversaries like surviving cancer.
And back to Beyonce’ — it seems that women are really buying diamonds for themselves instead of waiting on a groom. The disposable household income of the independent women buying diamonds is more than $90,000.
The idea of “Treat Yo’ Self” was born out of a 2011 Parks and Recreation episode in which Tom Haverford (Aziz Ansari) and Donna Meagle (Retta) spend a day celebrating themselves by buying stuff like “clothes, fragrances, massages, mimosas, and fine leather goods.” When it aired, the “treat yo’ self” catchphrase immediately became part of millennials’ vocabulary. So now advertisers have used the phrase to connect with this self-purchase trend.
Marketers are developing new approaches and new language for self-purchasing women, trying to appeal to them.