Pink Tax: The pink tax is a broad tendency for products marketed specifically toward women to be more expensive than those marketed for men, despite either gender's choice to purchase either product. (Wikipedia)
Let’s start with the consideration that not only are we over worked, undervalued and taking on more responsibilities than ever, but we are also targeted for additional “tax” on products and services specifically created and marketed to our gender.
Undervalued:
Women earn 82 cents for every dollar paid to men
Source: national partnership for women + families (sept.2020)
Women pay more 42% of the time
Source: From the cradle to crane: the cost of being a female consumer (NYC Consumer Affairs Study 2015)
Pink tax costs the average woman $1,351 a year
Source: From the cradle to crane: the cost of being a female consumer (NYC Consumer Affairs Study 2015)
Household costs are on the rise: Average annual expenditures in 2019 was $63,036 a 3% increase from 2018.
Source: U.S. Bureau of Labor Statistics
The Woman’s Increasing Invisible Workload- The growing primary responsibilities for household tasks with even less time to get it all done
Source: Nielsen Global Diversity and Emerging Women Survey (Q3 2016)
According to surveys 46% of woman globally feel they are worse off financially or about the same as they were 5 years ago. Which could have to do with income and salaries not meeting the rising costs of household spending.
Source: The Conference Board Global Consumer Confidence Survey (Q2 2018)
Underestimated:
By 2028, women will own 75% of the discretionary spend, making them the world’s greatest influencers
Source: nielsen.com
The top homebuyers after married couples are single women (18%, double the percentage for single men at 9%).
Source: 2019 Home Buyers and Seller Generational Trends Report
Women direct 83% of all consumption in the United States, in buying power and influence.
Source: Morgan Stanley
Women control $31.8 trillion in worldwide spending
Source: catalyst.org/research/buying power (2020)
Women make the decision in the purchases of 94% of home furnishings…92% of vacations…91% of homes… 60% of automobiles…51% of consumer electronics
Source: Harvard Business Review: The Female Economy
A Global Force
I hope you are empowered by the latter and can feel how much control we actually have to set the standard of what we will tolerate, where we will put are dollars and who will earn our loyalty.
It’s time for brands to level up and be transparent about their products and services and the end result it will provide. We have no time to waste and don’t want to be patronized. In a world where convenience and ease seems to be a priority it can also be a disadvantage to us, the consumer, and a huge benefit to companies looking to prey on that pain point.
Don’t settle giving your already compromised income to companies that don’t respect your place in the economy. Make sure they earn your business and that they align with your beliefs and meet your needs.
If this does not give you confidence to demand better prices, negotiate deals and be a confident consumer then re-read how they underestimate our purchasing power!
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Stay wild,
Lori
CEO & Founder
TitleKeyCash.com & Girls Guide to Car Buying
Become A Confident Car Buyer!