When I read Danielle Kayembe’s piece, “The Silent Rise of the Female Driven Economy,” this past week, I couldn’t help but feel inspired.
In the essay, Kayembe, founder of social consulting firm GreyFire Impact writes about how there is a huge, untapped market that is flush with cash in the economy; businesses just have to tap into it.
An important piece of this economic puzzle is just how much money women spend. “Women control 85% of consumer spending globally,” according to the article.
And yet, nothing is made for us. From doors and bathrooms to airbags and health trackers, women are often left out of product testing. This leaves us with products like the iPad that can’t help but remind us of maxipads, or worse, items that are unsafe for us to use based on average size.
There are few female-founded companies that directly target women, but the companies that do both are able to succeed, and quickly, Kayembe notes.
“Thinx reached tens of millions in revenue in two years,” she writes. “Honest Company was valued at $1 billion in under five years.”
Soon, Kayembe predicts, this will translate into executive boards and female investors. That sounds incredible to us, and we hope she’s right.
As Kayembe puts it: “The darlings of the business world shifted from middle-aged men in Brooks Brothers suits, to college dropouts in hoodies — it’s about to shift again.”
We can’t wait.
- Alicia McElhaney / She Spends Issue #27