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(@deborah)
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Joined: 7 years ago
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17/10/2019 3:08 pm  

There are more single working women than ever, and that's changing the US economy

 

By Anneken TappeCNN Business

Updated 10:46 AM ET, Thu August 29, 2019

New York (CNN Business)There are more single women in the workforce than ever, and that's having a profound effect on the US economy.

Working women contribute more than $7 trillion to America's economy. By 2030, 45% of working women aged 25 to 44 in the United States will be single. That will be the largest share in history, according to research by Morgan Stanley (MS), using data from the Bureau of Labor Statistics.

In 2018, single women made up 41% of working women in that age range.

Women have always tended to be the principal shoppers in American households, and single women outspend married women, the Morgan Stanley research says.

The winners

Some sectors in particular could benefit from this demographic shift.

Apparel and footwear, personal care, food and luxury and electric vehicles are most likely to get a boost from more spending by single women, according to Morgan Stanley.

In the apparel segment, brands like Lululemon Athletica (LULU) and Nike (NKE) are well positioned, even as an aging population weighs down the sector.

Singles, especially women, spend more on personal care than their married friends. Morgan Stanley says Sephora-parent LVMH (LVMHF) and Ulta Beauty (ULTA) could benefit.

America's departure from the traditional family model also means more business for fast-casual restaurants like Chipotle Mexican Grill (CMG) and Starbucks (SBUX).

Finally, Morgan Stanley expects more women will buy more cars in the future than they do now. At the moment men represent a bigger group of buyers, but over time, the male-female split of auto buyers will even out, which could give car sales a big boost. The bank's top pick in the segment is Tesla (TSLA).

Beyond lipstick

But single working women don't just buy lipsticks, cars and yoga pants.

"Low-income households, which are more likely to be headed by women, spend 82% of their budget on basic needs like housing, food, transportation, health care and clothing," said Lauren Bauer, fellow in economic studies at the Brookings Institution.

In comparison, middle income households only spend 78% of their budget on basic needs, according to a report from The Hamilton Project at the Brookings Institution. While housing accounts for the lion's share of spending in all income groups, it eats up nearly half the budget for low-income households. Food and transportation are the next two biggest items.

The proportion of single women in the workforce is likely to grow as more women get bachelor's degrees, marry later and wait until they're older to have children. About 80% of single women between the ages of 25 and 54 are working or seeking employment, Bauer said.

And as the workforce changes, corporations will have to rethink how they can support employees. One of the biggest barriers that remains for female workers is access to childcare.

"We have to talk about releasing the pressure on the household," said Pam Jeffords, partner and diversity & inclusion leader at PwC. And this means for employers to think about care — both for children and parents — as a condition for employment rather than a benefit.

"Organizations need to stop assuming that there's one kind of traditional family unit that needs one kind of support," Jeffords said.

 


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(@tabethapetersoniectskin-com)
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Joined: 4 months ago
Posts: 24
23/10/2019 1:31 pm  

This could also benefit the esthetics industry in the way they mentioned it benefits places like Sephora and Ulta, more single working women can mean more clients in the spa, its a great place for them to wind down and have some private time if they have children.


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(@carliecannestroiectskin-com)
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Joined: 10 months ago
Posts: 38
24/10/2019 1:57 pm  

I agree with Tabatha on this one. With having a busy life of work and trying to balance taking care of kids, self care has become more important than ever and people are going to be flocking towards stress releiving methods like skin care.


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(@deborah)
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Joined: 7 years ago
Posts: 128
28/10/2019 4:14 pm  

The family unit has changed from the days of the man running the household to women married or single taking care of the household chores and budget. Many couples work two to three jobs to support themselves and their families. 

Many women will always want the Ulta and Sephora shopping even if they just buy a lipstick. Self-care is talked about more in the last couple of years and there are groups and books advertised everywhere from magazines to facebook. In our industry we strive to take care of others and we also need to take good care of ourselves


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(@carliecannestroiectskin-com)
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Joined: 10 months ago
Posts: 38
31/10/2019 1:31 pm  

@deborah

There are even apps! lol 


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(@mikaylaalleniectskin-com)
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Joined: 7 months ago
Posts: 39
07/11/2019 9:00 pm  

I see a lot of women working more because they say staying home is a lot harder because you never really get a break from children. 


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(@lindseycoganiectskin-com)
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Joined: 2 weeks ago
Posts: 3
11/11/2019 4:45 pm  

Yes, yes, yes! I agree that this shift will be a benefit to the esthetics industry. Self care is soooo important and people are finally listening to that more than ever. Especially true for single women with all of the household needs falling on their shoulders. Take a break, get a facial, buy that lipstick... treat yo self. You will thank yourself later.


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(@deborah)
Member Admin
Joined: 7 years ago
Posts: 128
11/11/2019 4:52 pm  

Great post Lindsey. I agree we as women need to take better care of ourselves. Take a breath and relax. Let the constant pressure of stresses go for a little as we do whatever it is to do self care.


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(@deborah)
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Joined: 7 years ago
Posts: 128
11/11/2019 4:55 pm  

Tabetha I agree with you that a relaxing time is important for all women. There is so much pressure to perform all the time. A facial is a great escape or a shopping outing to your favorite self care store as I like to call Ulta, Sephora, etc


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