The Power of the Women-Led Economy
This summer the economy was given a boost with women-led events such as the Taylor Swift Eras Tour, the Beyonce Renaissance World Tour and the Barbie movie. However, the influence of women-led experiences extends far beyond the realm of movies and concerts, with a striking 85% of consumers expressing interest in engaging with such experiences. This is true for both males and females. Furthermore, this surge in the economy demonstrated that consumers are not only interested but also willing to invest their resources in related merchandise.
Why People Are Participating in the Women-Led Economy
Consumer engagement in women-led experiences is driven not only by enjoyment and spending time with family and friends but also by something more meaningful for a significant number of consumers: the desire to support what they believe in, foster meaningful connections with their family and friends, and offer strong role models for their children. These motivations underscore the enduring appeal and potential impact of women-led experiences.
Associations with Women-Led Experiences Are Good for Brands
For brands, associating with women-led events represents a lucrative opportunity. Whether being part of the summer’s biggest concert event or supporting women’s sports on television, aligning with such experiences can translate into substantial business gains. Impressively, 39% of consumers exhibit a more positive disposition towards brands that are linked with women-led experiences. In the eyes of women and men alike, there is little downside to an association. This suggests potential for brand enhancement through the strategic alignment with these impactful experiences.
To effectively leverage an association with women-led experiences, the connection should be authentic. Brands should conduct research focused on understanding consumer preferences, motivations and expectations concerning these events to ensure your brand values align with what matters to your shared target audience.
Data sourced from the Russell Research Omnibus Survey fielded in September 2023 among 1,000 US adults.