The Power of the Purse: Moms are in charge of consumer spending.

The Power of the PURSE Moms are in charge of consumer spending. hen it comes to purchasing power, moms are one of the highest- spending segments. From apparel and electronics to insurance and travel, the vast majority of mothers make all major household purchasing decisions-and they're doing much of their buying online. It's time to put all antiquated notions of American moms aside and start looking at this rapidly growing segment as financial powerhouses. Women Are Big Spenders Women are earning, spending, and influencing what others are buying at a greater rate than ever before. In fact, over the next decade, women will control two-thirds of consumer wealth. $ TRILLION Consumer and business spending in the U.S. by women. STOCKS 50 PERCENT American women own an equal amount of stock as men. 60 PERCENT 60% Women control more than half of all personal wealth in the U.S. 50 PERCENT Women make the same amount of traditionally male-centric purchases as men. Moms Rule the Financial Roost Moms are not only adept at keeping the family happy, they're also in charge of the home front purse strings. 85 MILLION Number of mothers with kids under the age of 18 in the U.S. $24 TRILLION Amount of annual consumer spending by moms. 85 PERCENT Women who make purchase decisions for their households. 20 PERCENT One out of every five people online is a mother between the ages of 25 and 54. Smartphones Are Moms' Techy Gadget of Choice BU Moms are embracing technology as fast as any other customer segment, and their techy gadget of choice is, unequivocally, the smartphone. Retail sales made on smartphones: 12 BILLION BILLION 2013 2017 BUY 87% 46% 58% Mothers who use Almost half of all moms Moms are far more smartphones. admit to being addicted likely to shop on to their smartphones. their smartphones. 7 out of 10 Moms who would choose their smartphone over tablets and PCs, if they had to pick just one. 9 out of 10 Moms who say their phones are always in reach while shopping in stores, watching TV, or in the kitchen or car. What Are Moms Doing on Their Smartphones? Here are moms' favorite activities on these do-everything devices. Plan travel Email Search Shop Bank 91% 88% 63% 60% 28% Appealing to the Moms So how can brands tap into these perpetually multi-tasking consumers? The key is to adopt a mobile-first mentality. Create mobile-optimized websites that help harried moms find what they're looking for quickly and easily. Long videos and complex messaging should make way for quick and super-informative tidbits of info. Offer up quick solutions. Moms don't have the luxury of time to pinch, scroll, and zoom their way to finding what they're looking for on a traditional website jammed onto a smartphone screen. Somewhere in between stopping little Timmy from shoving his sister and paying the mounting pile of bills, moms need to find what they're looking fast. Be smart about your messaging and online experience. Offer simple solutions to these time-strapped multi-taskers. Emphasize with, but don't patronize, today's smart and tech-savvy moms. They'll thank you in spades with their wallets. monetate SOURCES: Arbitron | Edison Research | eMarketer | Marketing to Moms Coalition MediaPost | Pew Research Center Follow @monetate on twittery