It has been known for quite some time that women make up most of the purchasing decision power in households but their increasing presence in the workforce is becoming nearly as significant. According to a recent post by XYZ University, these are a few of their interesting statistics:

• Women hold the majority of jobs in the US including 51.4% of managerial and professional roles.
• In all but three of the largest US cities, women aged 30 and under earn an average of 8% more than men their age.
• Women ages 18 to 34 are more likely than men of the same age to say a high-paying career is important to them.
• Women are more educated than men. Some 60% of masters’ degrees go to women, and for every two men who earn bachelors’ degrees this year, three women will do the same.
  
• Single women are twice as likely as single men to buy homes.
• 23% of working wives now out-earn their husbands.
  A Time Magazine article projects that within the next generation, the majority of working wives will do so.

Even from only 10 years ago, these are huge changes and these trends do not show any indication of reversing. This impacts today’s businesses in two major areas: employees and customers.

Having more female employees brings new skills as well as challenges to the table. Many studies have shown that women tend to have a management style that is more consensual and inclusive which can be an advantage with today’s increasing social and crowd sourcing business methods. Also with more women working, maternity leave and child care, for example, will become bigger issues that companies must face and deal with. Further with more women in leadership roles, more men will take on more responsibilities at home leaving them less willing to sacrifice family for work.

As more women take on leadership roles and more men take on larger family roles, the change in these gender roles may change who has been the dominant purchasing power of households. Additionally, the upwardly mobile urban single woman may become a significant customer in areas of serious investments such as homes and travel.