Baltimore -- A white paper released Tuesday by marketing communications firm Vertis Communications, entitled “power2thewomen2.0: the Shopping Trend Revolution Continues,” revealed that women wield formidable purchasing power, controlling approximately $5 trillion in spending annually, but that how they interact with retailers and marketers differs greatly.
The research found that Gen X/Y female shoppers are more likely to shop for value, are less brand-loyal than their older counterparts and are more likely to purchase store-brands and generic products.
Gen X/Y women do not watch the most television, found the survey, but cite it as being the most influential in their purchasing decisions. Boomers watch the most television, but they say advertising inserts are the most influential.
Younger women utilize direct mail more than Boomer women for either in-store or online purchases.
While Gen X/Y women are online more than Boomer women, both generations do online shopping research at about the same rate, with only a seven point difference between them.
"These findings are significant for marketers who are trying to tap into the extraordinary buying power of women, because they shine a light on how females are taking over the primary purchasing decisions for items typically handled by male shoppers and reveal important differences between generations that are often overlooked," said Janet Tonner, director of research & analytics at Vertis.
"As marketers continue their shift to utilize the newest technologies, it's important to remember that Boomer women are the most open to new opportunities, have money to spend, and more time to spend it. Marketers who want to remain competitive in this environment must take these generational differences into account," said Tonner.