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The power of the purse

April 30, 2017

Women make 85% of consumer purchase decisions and research shows women support brands which support gender equality. How can your business access this Female Economy (or ‘Femeconomy’) purchasing power?

In Australia alone during 2015-16 women spent $198.9 billion. Femeconomy is a social enterprise, role modelling Female Leadership and Entrepreneurship, and educating female consumers about which brands support women in leadership. In turn women can buy from those brands to help create gender equality.

Research shows that when women are aware a business supports women-owned businesses:

  • 79% would try that product or service
  • 80% would solidify their brand loyalty
  • 51% would give a company a second chance if a product or service missed the mark the first time

How does gender equality benefit business?

Research from the Peterson Institute of International Economics shows that, for a typical firm, going from having no women in corporate leadership to a 30% female share is associated with a 15% increase in profitability. Working in a profitable company means more choices and more opportunities for everyone, men and women.

In addition, if we close the gender pay gap there is more money for the whole family. More female Board members will also increase workplace flexibility. We haven’t met one millennial who doesn’t want more flexibility, not to mention all the other generations who would benefit from it.

How does Femeconomy work?

Jade Collins and Alanna Bastin-Byrne started Femeconomy.com with a goal to help for women to shop brands that have female leaders to create gender equality.

At Femeconomy.com you can browse over 2000 brands and over 700 of them meet the Femeconomy approval criteria of at least 30% of women on the Board of Directors or 50% female ownership.

Examples of some of the bigger brands that meet the criteria include David Jones, Myer, Woolworths, Coles, Target, Kmart, Country Road, L’Oreal, Hardtofind, Edible Blooms, Spell and The Gypsy Collective, Bird and Knoll, Corban and Blair, Feathers, BNKR, Carla Zampatti, Bianca Spender, Birdsnest, Bloomingdales, Macy’s, Witchery, Coach, Kate Spade, Rebecca Minkoff, Michael Kors and Marc Jacobs.

Some of the up-and-coming Femeconomy approved Australian retail brands to take note of include Mon Purse, Flora and Fauna, Nourished Life, Modibodi, Ryder, Edible Beauty, Organic Index, and The Beauty Chef.

How do I sign up my business to Femeconomy?

If your company meets Femeconomy’s criteria (at least 30% female board or 50% female owned), then you are invited to submit your brand at Femeconomy.com.

Find out more here >>

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