Marketing to High-income Women - US

Published by: Mintel International Group Ltd.

Published: May. 1, 2007 - 77 Pages

Table of Contents

Scope and Themes

What you need to know

Definition

Abbreviations and terms

Abbreviations

Terms

Executive Summary

Snapshot of the market

Background facts

Balancing home and family

Purchase decisions

Shopping and spending

Financial products and services

Leisure time

Media and advertising

Future trends

Background Facts

Overview

Age

Figure 1: Number and distribution of all women and women with personal incomes of $75K or more,

Education

Figure 2: Distribution of all women and women with personal incomes of $75K or more, by educational attainment, 2005

Ethnicity

Figure 3: All women and women with income over $75K, by race/ethnicity, 2005

Marital status

Figure 4: All women and women with income over $75K, by marital status, 2005

Wives who make more than their husbands

Figure 5: Wives who earn more than their husbands, 1987-2004

Labor force and occupation

Figure 6: Women’s labor force participation, 1975-2006

Hours worked

Figure 7: All women workers, and women earning more/less than $75K, by full- or part-time work,

Occupations

Figure 8: Occupations, by gender, 2006

Managerial and high-income occupations

Figure 9: Managerial and high-income occupations, by gender, 2006

Purchasing influence

Figure 10: Women with most influence over household purchase decisions, by annual earnings,

Life experience

Figure 11: Events experienced in the last 12 months—all adults vs employed women, by income group,

Balancing Work and Home

Overview

Career and personal life co-exist

Figure 12: Work/life balance choices—all adults vs employed women, by age, April 2007

Figure 13: Work/life balance choices for high-income women, by income group, April 2007

Children and planning for children

Figure 14: Women who have children, plan or do not plan to or have children, by age and income group,

Careers

Figure 15: Women’s careers, by income group, April 2007

Hours worked by location

Figure 16: Mean hours worked at various locations—all women vs employed women,

Figure 17: Mean hours worked by women at various locations, by income group, April 2007

High-income activities or events

Figure 18: High-income activities/events experienced by women in last six months—

Figure 19: High-income activities/events experienced by women in last six months, by income group,

Leisure time companions

Figure 20: Leisure time—all women vs employed women, by income group, by age, April 2007

Figure 21: Leisure time—all employed women, by income group, April 2007

Shopping and Spending

Overview

Products purchased

Figure 22: Products bought in the last 12 months—all adults vs employed women, by income group,

Retail store preferences

Figure 23: Leading supermarkets visited in last four weeks—all adults vs employed women,

Figure 24: Selected department/discount/clothing/child stores visited in last three months—

Consumer electronics and media/entertainment purchases

Figure 25: Digital video recorder ownership—all adults vs employed women, by income group,

Figure 26: Retail outlets for music purchases—all adults vs employed women, by income group,

Figure 27: Music download purchases—all adults vs employed women, by income group,

Internet and direct shopping

Figure 28: Mail/phone/Internet shopping—all adults vs employed women, by income group,

Figure 29: Mail/phone/Internet shopping—all adults vs employed women, by income group,

Mail/phone/Internet shopping spending

Figure 30: Mail and phone order spending—all adults vs employed women, by income group,

Figure 31: Internet spending—all adults vs employed women, by income group,

Financial Products and Services

Overview

Credit card penetration

Figure 32: Credit and debit card penetration—all adults vs employed women, by income group,

Figure 33: Selected credit cards held—all adults vs employed women, by income group,

Credit card usage

Figure 34: Credit cards used in last 30 days—all adults vs employed women, by income group,

Credit card bill payment habits

Figure 35: Credit card bill payment habits—all adults vs employed women, by income group,

Loans

Figure 36: Types of loans held—all adults vs employed women, by income group,

Investments

Leisure Time

Overview

Exercise

Figure 38: Regular fitness activity—all adults vs employed women, by income group,

Figure 39: Frequency of exercise per week—all adults vs employed women, by income group,

Leisure activities

Figure 40: Leisure activities/hobbies enjoyed in the last 12 months—all adults vs employed women,

Participation in sports

Figure 41: Sports played in the last 12 months—all adults vs employed women,

Leisure enjoyment

Figure 42: Enjoyment of activities, by type—employed women, by income group, April 2007

Figure 43: Enjoyment of activities, by type—employed women and high-income women,

Computer usage at home

Figure 44: PC ownership and usage at home—all adults vs employed women, by income group,

Travel

Figure 45: Share of population with valid passport and have traveled to a foreign country—

Figure 46: Frequency of foreign travel—traveling adults vs employed women, by income group,

Leading foreign travel destinations

Figure 47: Leading destinations for foreign travel—all adults vs employed women,

Frequent flyer programs

Figure 48: Enrollment in frequent flyer programs—all adults vs employed women,

Media and Advertising

Overview

Media outlets and advertising

Figure 49: Mean hours using media—employed women, by income group, April 2007

Figure 50: Mean hours using media, by type—all women vs employed women,

Advertising methods

Figure 51: Enjoyment of advertising media, by type—employed women, by income group, April 2007

Figure 52: Enjoyment of advertising media, by type—employed women,

Future Trends

Women will be better educated and increase their earnings potential

Figure 53: Projected number of degrees conferred, by gender, 2004-14

Women’s income—and related power—will grow

Figure 54: Earnings, by educational attainment of the population aged 18+, 2005

Labor force participation will remain steady—at its all-time high

Figure 55: Civilian labor force prjections for population 16 years and older, 2005-20

Life experiences expected in next 12 months

Figure 56: Events you expect to experience in the next 12 months—all adults vs employed women,

Appendix: Trade Associations

Abstract

This report examines the attitudes, behaviors and spending habits of high-income women, a group that continues to gain influence over many lifestyle and purchase decisions. Mintel analyzes its proprietary consumer research and Simmons’ National Consumer Survey to explore high-income women’s attitudes toward money and investments, shopping, leisure activities, advertising and media.

Mintel defines professional women or high-income women as those who earn $75,000 or more annually. This report compares and contrasts professional women with all women to illustrate how their attitudes and behaviors differ.

Mintel’s research will tell you how high-income women regard family life, deal with their finances, and think about shopping. It also gauges the receptivity of high-income women to various forms of advertising and media, and finds out how this group spends their leisure time. These insights are a crucial part of understanding what motivates these consumers.

Accounting for 4% (or about 5.2 million) of U.S. women 15 years and older, high-income women are well educated, work full time, and are responsible for the majority of household purchasing decisions. The majority of high-income women are married or divorced, and the share of women who earn more than their husbands is growing exponentially. The share of all women (not just high-income women) who earn more than their husbands has increased 58.3% between 1987 and 2004. Women are earning the majority of post-secondary degrees and will continue to earn these degrees at a faster rate then men. Their greater educational attainment will fuel growth in personal earnings and, in turn, purchasing power. Although high-income women will remain a small percentage of all women who work full time, their influence over purchases (and their willingness to spend and invest money) should not be underestimated.

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