The Power of Women: The Economic Influence of Barbie, Taylor Swift, & Beyoncé
Women control or influence over 80% of consumer spending, making their impact undeniable
Undoubtedly, we are in an era of female empowerment. The movie Barbie, despite the perceptions of the film being ‘too pink’ and seemingly childish due to its subject matter, it’s not as plastic as we thought it would be.
The film, instead, brought us a beautiful reflection about ourselves, our relationships with others, the role we decide to play in our lives and in others, about empathy, and much more. But beyond that, the movie led by Greta Gerwig, has become the first solo-directed film by a woman to gross $1 billion globally.
On the other hand, the global icons Beyoncé and Taylor Swift have become major conversation topics due to their remarkable tours. Their undeniable charisma and exceptional talent have drawn millions of fans throughout their musical journeys, and their influence extends even further, making a significant impact on the economy.
Beyonce’s Renaissance World Tour was humorously blamed for causing inflation in Stockholm, while Taylor Swift’s The Eras tour, specifically in Los Angeles, was predicted to inject a substantial $320 million into the city’s economy, as estimated by the California Center for Jobs and the Economy.
Economic Influence of Women
According to Kristina Chiappetta, Executive Strategy Director at Landor & Fitch, told CNN, that the economic influence and impact of women is undeniable, as women control or influence over 80% of consumer spending. Despite this, she highlighted the challenge that numerous brands face when attempting to effectively engage with their female audience.
“THANK YOU BEYONCÉ” awww 😭 Beyoncé inspiring a whole new generation pic.twitter.com/sBwgL2hvQ0
— THUGGA (@THGGABEY) August 8, 2023
Data from the Bureau of Labor Statistics reveals that women’s engagement in the labor force has recovered from the pandemic-induced downturn, achieving an all-time high of 77.8% among women aged 25 to 54 in June.
Chiappetta also emphasized that the audience’s ability to connect with these women both on screen and on stage is a crucial element in contributing to the triumph of these experiences led by women.
The Power of Fans
The considerable purchasing influence of fans is evident, especially in the realm of the music industry. In fact, tickets for concerts by Swift and Beyoncé surpassed a thousand dollars, not to mention the near virtual battles to secure a single ticket.
The commitment of fans like Helen Polise, who cancelled two flights to be present at Taylor Swift’s recent Los Angeles concert alongside her daughter Juli, serves as a testament to the power that holds these iconic women; and of course, their fanbase.
Lisa Van Strat, who attended Taylor Swift’s concert with her two daughters and family, humorously exclaimed, «When your girls grow up and they’re 23 and 20, wanting to go to a concert with you, are you kidding me? Who wouldn’t want to be a part of that? Count me in! How much? Doesn’t matter –I’ll live on rice just to experience this concert.»