Women and Recessions
Are Women Hit Harder By The Recession?
Well, I think women do have a harder time of managing everything during a recession. If we are talking about families, and the decisions that partners have to make, women tend to make more of the every day financial decisions for families. Sure, guys have to read the latest reports on HDTV and cars, but those purchases can be put off for awhile. But the mom is dealing with the every day, beans on the table stuff, and those purchases cannot be put off.
Guys – make all of the jokes you want to – but we women cannot stop spending money!
- Food needs to be on the table, and the kids need lunch money even if you did not get a raise this year.
- Kids need checkups, and arms still get broken. Your stocks can be down 30%, but health care cannot wait.
- Family activities, sports participation, etc. may have to be moderated, but it probably is not a good decision to stop it all together.
Pain at the Grocery Store
Women still do most of the grocery shopping for families. And while mom is rethinking her food budget, concentrating on cheaper cuts of meat and in-season fruits, she still has to shop. The store brand of shampoo will have to do! And coupons… Mom is cutting them and organizing them in those little file folders, giving her business to the companies that want to really compete for her dollars.
And Dad Is…..
Meanwhile dad is worrying about the retirement fund and deciding that the old car can get fixed one more time. Of course, men still have plenty of things to worry about during hard times. But I do not believe men are impacted as much in their every day decisions as women are.
Meanwhile, smart companies, that go after the huge market of women who need to make lots of spending decisions on a tight budget, can still prosper! Women need to spend more time looking for the suppliers and services that want to work with them.
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