The Spending Power of Women

The Nielsen people recently released some interesting information on the spending power of American women, which is huge and growing. According to Nielson the purchasing power of women ranges anywhere from $5 trillion to $15 trillion annually. Now, that kind of money will buy a heck of a lot of wine! Nielsen said that Fleishman-Hillard Inc., a PR and marketing company estimates that women will control two-thirds of the consumer wealth in the U.S. over the next decade and be beneficiaries of the largest transference of wealth in America, in the country’s history.

This bodes well for the wine industry, as women like to drink wine and like to buy wine. So it’s incumbent upon wineries to take a look at what it is that makes women want to buy in general, and specifically what makes that want to buy wine.

Studies have shown that women are more interested in the social experience that goes along with wine, as well as the stories about the wine and the winery. If that is the case, does your back label tell a story (preferably a story about people)? Women also buy wine to share it with friends and to create connection and memories with others.

Many women are more curious and more likely to ask questions, so giving them enough information to spark questions rather than overwhelming them with facts helps women remember what you have told them, because they are a part of the discussion. When talking to customers, especially women customers, it should always be a dialogue rather than a monologue.

Additionally, if you want to give women information that will make their lives easier, recipes and pairings go a long way to encourage buying. Having a collection of recipes ranging from simple appetizers and main courses to recipes that are more complex will give the “foodies” and the “let’s get dinner on the table in fifteen minutes” buyers information that is of interest to them.

Think about what your customers want to know, especially the women (the wine industry tends to cater to men anyway – with scores, reviews, etc.) and give them what they want.

If you don’t know what they want, ask!

A tip of the glass from me to you!

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One comment on “The Spending Power of Women

  1. Nancy Horwick says:

    Loved your article! And your photo is great! Hope to see you some time in not-too-distant furure!
    Nancy

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