Married couples say purchases of $100 or more require joint approval, according to Hearst magazines and Fleishman-Hillard. The research ties a shift in how married couples handle finances to the uncertain economy and women’s growing financial power.
In mid-twentieth century marriages, husbands traditionally handled financial strategy and investments, while wives managed the day-to-day purchases. Now, increasing numbers of women are handling financial and investment planning as well as managing day-to-day budgeting and shopping. When asked why they’re taking the reins of their families finances,women say they “do it better” than their husbands.
‘Responsibility To Help Friends‘
Women are not only wielding purchasing power within the family, but thanks to social media, they are also influencing an increasingly wide network of friends. More than half of all women (54%) feel it’s their “responsibility to help friends and family make smart purchase decisions.” A similar percentage (50%) say they regularly influence the purchasing decisions of friends and family.
It’s important to note that women serve as both brand advocates and detractors. While 33% have recommended a product or service within the past six months, 19% have recommended against purchasing a specific product or service. These discussions happen both online and offline. One in two (52%) have discussed a product or service in person at a social gathering within the past six months, 39% have done so at work, 27% over the phone, 21% at a store, 16% via email, 15% using a social network, 12% via text, and 6% by posting a review or blog entry online.
Women aren’t just giving advice; they also seek it from others. Nearly nine in 10 (88%) say they enjoy having as much information as possible when it comes to shopping, and 86% feel they are smarter shoppers than ever before. Two in three (68%) say they are likely to try a product based on a friend’s or family member’s recommendation. That said, the majority (77%) still rely primarily on intuition when making purchases.
Sources: Fleishman-Hillard, Nancy Bauer, SVP Creative Director, 229 Peachtree St., NE, International Tower, #11600, Atlanta, GA 30303; 404-659-4446; nancy.bauer@fleishman.com; www.fleishmanhillard.com.
Hearst Corporate Research, Marlene Greenfield, Executive Director Research, 300 W. 57th St., 12th Fl., New York, NY 10019; 212-649-4401; mgreenfield@hearst.com; www.hearstcorp.com.
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