Buying Power

If companies want to stay competitive with the changing market we have to focus on where buying power is. It is interesting that research is varied on this but I find it interesting that if you ask ChatGBT today this is what it says when you say: “Who has the main buying power in a household based on research?”

“Research suggests that the main buying power in a household can vary depending on various factors such as cultural norms, socioeconomic status, and household dynamics. Traditionally, it was often assumed that men held the primary buying power, especially for big-ticket items. However, in many households today, purchasing decisions are often made jointly by both partners or even predominantly by women.

Studies indicate that women are increasingly becoming the primary decision-makers for household purchases across a wide range of categories, including groceries, clothing, and household items. This shift is attributed to various factors such as women's increased participation in the workforce, changes in gender roles, and the rise of dual-income households.

Additionally, generational differences also play a role, with younger generations often placing more emphasis on equality and shared decision-making within relationships. However, it's essential to recognize that every household is unique, and buying power dynamics can vary significantly based on individual circumstances and preferences.”

Even a robot is picking up on the current trends. If you are interested on WHY this is happening you will need qualitative research. This allows for the richer data behind the data. Once we have the why we can make change more efficiently. Call today to get the data you need to grow your business the way you need too!