Study shows that women's income and spending ability is increasing at a faster rate compared to men's.

According to a new report, women have been a major driving force behind the resilience of consumer spending in 2024. This is due to their significant growth in median annual income, which has outpaced men for the past three years, according to data from the Bank of America Institute. With more discretionary income, women have been able to maintain steady and strong spending growth.

The report explains that this trend is reflected in women's higher rates of employment and labor force participation. In 2024, women's average employment grew by 1.63% year-over-year, slightly higher than the overall population's rate of 1.62%. This can be attributed to the fact that women make up a large portion of industries such as social services, personal services, health services, educational services, and apparel stores.

Another factor contributing to women's economic power is their continued pursuit of higher education. The report cites data from the U.S. Census Bureau, which shows that women between the ages of 25 and 34 are more likely to have a bachelor's degree than men in the same age group. This increase in education enrollment among women has led to greater productivity in both education and the workforce.

Despite these gains, analysts believe that there is still untapped potential for women's economic power to be fully realized. The report emphasizes the importance of recognizing the significant role that women play in the U.S. economy through their increased participation in the workforce, contributions to service-providing industries, and strong spending power. It states that tapping into this potential would undoubtedly benefit the economy as a whole.

This report sheds light on the power of women as consumers and their impact on the economy. It serves as a reminder for brands to recognize and cater to the needs and preferences of women, particularly African American women who have been identified as a significant consumer group. By acknowledging and harnessing the economic power of women, the economy can continue to thrive and grow.

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