Did you know that women are earning, spending and influencing more than ever? According to author Cathy Droz an expert on women and car purchases, she reports that women are responsible for over 7 TRILLION dollars in consumer and business spending in the USA alone…
According to the 2019 Women’s Car Buyer Report from JoinWomenDriver.com and SurveySpark shows the growing influence women are having on car buying. Over the years, women have become a more powerful and influential segment of the car buying community. Research shows that women influence 70 to 80 percent of all consumer purchasing. Specifically, regarding car ownership, women influence over 84% of vehicle purchase decisions as shared by NOLO.com.
Over the next decade, women will control two thirds of consumer wealth, pushing into the 85 percentile of purchasing decisions. That said, you would think that big business might want to focus in on how to engage with this ginormous segment of the market, yet author Cathy Droz in her book, “A Woman’s Guide to Buying a Car” shares that “over 92% of women claim that advertisers don’t understand them”.
Here are more interesting facts on women and their purchase power:
• Senior women aged 50+ have a combined wealth of over 19 TRILLION dollars…
• Women spend over $200 BILLION on new cars and mechanical servicing of vehicles each year, are responsible for buying more than half of new car purchases every year, and influence 80% of all car purchases….
• Women make 80% of healthcare decisions and 68% of car purchase decisions
• 62% of all new cars sold in the U.S. are bought by women, according to research from Cars.com, which also found that women influence more than 85% of all car purchases.
Now that is some serious girl power!
In her book, Cathy shares her years of training and learning in the car industry. If you are in the market to buy, sell, or trade a new car, she shares some great insights on what you need to know before buying a car.
Women’s priorities are different than men’s and a woman is less likely to feel ignored or patronized when speaking to another woman. As statistics show, women pay $1,000 more, on average per car, so it could also be that women feel taken advantage of at car dealerships.*
Erik Gordon, a professor of business at the University of Michigan, told ABC News “Women have been more important to the industry for decades than the industry has recognized.” “The industry has been slow to recognize the buying power of women. Why? Because the industry has been run by men and car guys.”
Research shows that women are the fastest growing segment of car buyers, accounting for more than 50 percent of new-car purchases and influencing 80 percent of them.
It’s about time that dealerships and all product and service providers get up to speed and start to message and market to this diverse segment of consumers. The numbers prove that women and their purchase power are here to stay.
Smart dealerships get Cathy Droz’ book and start training their sales team to connect better with the female prospect. Her insights help their marketing department to diversify their messaging to women, who may be wearing red stilettos or not… which is the first step to making more sales and creating great referrals.
Terri Murphy, Founder/President of Women’s Wisdom Network
Note: To hear my interview with Cathy Droz, Author of “A Woman’s Guide to Buying a Car”, Don’t Let the High Heels Fool You”, click here: https://bit.ly/2Ybdeln
For a copy of Cathy’s book, click here:https://amzn.to/2UZpDrg