December 7, 2014
CHICAGO - December 10, 2014 - Nearly 56 million women make up the single female population in the United States, and a recent study from Insights in Marketing, LLC (IIM), a research-based marketing consultancy in the Chicago area, outlines powerful ways for brands to connect with them. Insights in Marketing's research analyzes what drives single women, identifies where and how they spend money, and uncovers ways to more effectively speak with them.
"Women in the U.S. have incredible spending power and influence. They control more than $7 trillion in domestic spending and make 85 percent of purchase decisions across most major categories," said Jessica Ritzo, Director of Qualitative Research with IIM. "Of 104 million single people in the country, 54 percent are women. We know that they spend more per year, on average, than men, and offer an array of opportunities for marketers. And yet, marketers are falling short in winning them over."
On average, single women spend $30,000 a year, which is $4,000 more than their male counterparts, according to the U.S. Bureau of Labor Statistics. Of those expenditures, IIM found that 60 percent is on eating/dining out and 56 percent is on shopping. Ritzo points out that brands can get a larger piece of the pie by tweaking their approach to women. "We know that single women have expendable income and that they are, indeed, spending it. That's the first part of the battle," says Ritzo. "Now, marketers have to hone in on what truly matters to these women. That's where our deeper, contextual insights come in."
Research by IIM uncovered the following:
By analyzing the psychology behind single women, IIM uncovers a complete consumer understanding and captures what motivates them. The consultancy shares that information with brands, helping marketers to maximize their impact.
To learn more about this study and others, please visit /resources/iim-research.aspx.
About Insights in Marketing, LLC:
Insights in Marketing (IIM) is a research-based marketing consultancy that helps clients develop the most complete picture of their target audience so they can build emotional and lasting connections with them. IIM tackles a variety of key business challenges that keep clients up at night - better understanding consumer & shopper targets, optimizing brand strategy & positioning, elevating messaging and communication and innovating with impact. IIM's Marketing Consultants leverage their years of client-side experience along with IIM's full suite of research methodologies and various types of psychological and statistical techniques to develop actionable client solutions. IIM's research methodologies include in-person qualitative, online and mobile qualitative, quantitative and a mixed method or hybrid research. For more information about IIM, visit the IIM website, blog, LinkedIn, Facebook page and Twitter feed.
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