The Summer of Women Spending: Is Financial Security in Question
In this post-pandemic era, women are on fire in this fast-inflating economy. With an all-time high of 77.8% of women 25 to 54 years of age in the workforce, they now control or influence over 80% of consumer spending. Studies are showing that women are going all out to fulfill their hearts’ desires, no matter the cost. Just look at the numbers for three of the top summer events: Barbie and the tours of Beyoncé and Taylor Swift.
Millions of people, mostly made up of women, helped these events to rake in millions to billions of dollars. Women are lifting this economy, which is now being recognized as “the summer of women spending.” This is happening by women, and for women, even if they don’t think they can afford to.
What Are the Costs?
The costs associated with events like Barbie’s, which raked in over $1 billion, and Beyoncés and Swift’s tours, which raked in hundreds of millions of dollars, are not solely the cost of the event. There is the ticket cost, but there are also dinners, outfits, beads, and, for some, plane tickets, hotel stays, and transportation. For many, these events incur expenses for a full-blown weekend.
The three biggest female giants of the summer led the way for other women, most of whom differ greatly on the income scale, to spend profusely. Some tickets for Beyoncé and Swift went over $1,000, but that didn’t keep the audience levels low. Concerts reached record levels with generational female family members in attendance.
Is Financial Security in Question?
Despite the big spending, many women don’t see themselves as financially able to afford all they do. By all apparent factors, it seems the high cost of satisfying their desires comes with significant sacrifice. According to a recent survey of nearly 3,000 women conducted by Morning Consult data:
- Only 27% of women say they have money left over at the end of the month.
- Fifty-two percent of those surveyed say they think about their finances a lot during the month.
- About ⅓ say giving a gift would put a strain on their finances.
While financial security is a concern, women can be depended on to do what really matters to them. This begs the question, though, if they’re able to live the lifestyle they want despite the challenges if financial security is really the issue. Could the issue be a need for more financial education instead?
More Financial Empowerment
After all, the survey further showed that higher-income earning women ($100,000 or more) have a financial well-being score that’s nearly 10 points above the average score of all women. The financial well-being scores of Generation Z women are higher than any other generation except baby boomers. This is likely due to the fact that many of them still live with their parents and have fewer big expenses. This makes it easier for them to do discretionary spending. So, why, then, is there the anxiety about money?
While spending money on whatever we desire may feel empowering, it’s even more empowering to feel good about our spending. Feeling less anxiety about spending is more important than ever in this fast-moving economy. Real empowerment comes with not underestimating our financial well-being and feeling confident about handling our money.
The Bottom Line
Regardless of how it’s being done, women are lifting up the economy this past summer. This is happening even with their financial security in question. Imagine the results when we fully embrace budgeting in our lives and possess the personal financial management tools we need, never to underestimate our financial well-being again.
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