Who Is the ‘Minority’ that Accounts for 85% of All Consumer Purchases? Women.
Women buy 60 percent of all new cars, 53 percent of all used cars, and spend $300 billion annually keeping their cars repaired, and yet, a recent study of 200 Chicago car dealerships by economists Ian Ayres and Peter Siegelman shows that women usually get higher price quotes than men do.
Overall most women liken buying a car to having a tooth pulled. It is not like most of her other retail shopping experiences at all and many women do love to shop. With all that buying power women resent not being taken seriously at the dealership. On AskPatty.com the number one complaint we hear is that women hate high pressure sales tactics and the feeling that we are being manipulated or lied to by the salesperson.
The advent of the internet has enabled women to find the resources and information they need to take charge of their own finances and buying decisions, and give voice to their needs and preferences.
In today's competitive auto industry, dealership owners and employees can no longer afford to ignore the need to create a safe comfortable experience for the woman car buyer. If anything, they should cater to women, win their trust or risk losing market share to competitors who do recognize the huge opportunity to grow their business with these loyal customers.
Here are some facts on the purchasing power of women:
Women account for 85% of all consumer purchases, including everything from autos to health care:
· 91% of new homes
· 66% of PCs
· 92% of vacations
· 80% of healthcare
· 65% of new cars
· 89% of bank accounts
· 93% of food
American women spend about $5 trillion annually…Over half the U.S. GDP*
*M2W.biz Fast Facts
Reaching the underserved female majority
With the rising tide of the economic power of women, car dealerships and automotive retailers need to devote time, resources, and budget to gain a larger share of this huge market.
If 60 % of new car buyers are women and 85 % of new vehicle purchases are influenced by women, what percent of your marketing and advertising budget are you willing to devote to attract, sell, retain, and increase loyalty with this majority of the American auto buying market?
Properly armed with the right tools and training dealerships can increase their share of the largest and fastest growing demographic of new vehicle buyers—Women.
Jody DeVere is the CEO and president of AskPatty.com, Inc. Visit www.askpatty.com to learn more about how to become an AskPatty.com Certified Female Friendly® Dealer.