Women and their Billion Dollar contribution to the American Economy

As the year comes to an end, we look back on some of the biggest economic marvels and how women play a crucial role in all of them. This summer, three female celebrities are leading the cultural conversation and highlighting the female consumer as a bright future for the American economy. Inflation in two nations has been impacted by Beyoncé and Taylor Swift's fan spending. Additionally, the Barbie movie earned $337 million worldwide in its first weekend, which is a record high for a female director. The Women's World Cup broke records for ticket sales and TV viewership, suggesting that there is a growing demand for female-centric content on a worldwide scale as well. 

According to economist Misty Heggeness, the economic pattern of this summer's female-driven spending is observable and merits attention. The Barbie movie, Beyoncé's 'Renaissance Tour', and Taylor Swift's 'Eras Tour,' which is likely to become the first tour in history to earn $1 billion over more than 100 shows, were all huge commercial successes owing to women's spending, according to the Wall Street Journal. The popularity of Beyoncé's tour led to accusations that it caused Stockholm's inflation to increase. The California Centre for Jobs and the Economy estimated that Taylor Swift's Eras tour's final six nights in Los Angeles would generate $320 million for the city. Swifties have allegedly exceeded their own concert spending caps by paying an average of $1,327.74 to witness Era's performances, according to QuestionPro. Additionally, The Bank of America claimed that higher spending on apparel and entertainment was "likely partially driven by the release of the much-anticipated movies, Barbie and Oppenheimer," according to CNN. 

According to the most recent survey by Deloitte, American consumers are generally reporting better financial health this summer and expressing less concern about their savings or about their financial status getting worse.  The gender pay gap reached an all-time low this summer, according to Axios, and women are earning more thanks to the fact that many of them are now the main breadwinners for their families while they pursue higher education. Men are responsible for 71% of the reduction in college attendance, according to Woodard in a white paper on women's purchasing power. She emphasised that if the current pattern holds, eventually two out of every three new college degrees will be earned by women. We are unquestionably at a crucial turning point, according to Woodard. In the United States, there are more women than ever who are of prime working age and are earning a living. According to Bureau of Labour Statistics data, the labor force participation rate for women between the ages of 25 and 54 who are in their prime working years reached an all-time high of 77.8% in June. In July, the rate decreased somewhat to 77.5%, although it was still very high. 

Women are undoubtedly boosting the American economy and its influence can be found across generations. Women are creating inspiring and positive narratives that are reshaping the entertainment business, and their influence on the economy simply cannot be underestimated.

Bibliography 

Kanaujia, V. (2023, August 8). World News, Latest World News, breaking news and headlines today. Hindustan Times. https://www.hindustantimes.com/world-news

Yurkevich, V. (2023, August 9). Taylor Swift, “Barbie” and Beyoncé are unleashing the spending power of Women | CNN Business. CNN. https://edition.cnn.com/2023/08/09/economy/barbie-taylor-swift-beyonce-economic-impact/index.html

Albrecht, L. (2023, July 31). The U.S. economy has a new star: Women. “is this how men have always felt?” MarketWatch. https://www.marketwatch.com/story/barbie-beyonce-and-taylor-swift-and-the-rising-power-of-the-female-dollar-9acba515

Bassett, L. (2023, August 11). Now that women saved the economy, can we have abortion back? Jezebel. https://jezebel.com/women-boost-economy-taylor-swift-beyonce-barbie-1850729969