She-conomy: How Women Revitalised the Global Economy?

Author Alexander Tatiev
Category Columnists, Finance, Town
Date March 13 2024
Reading Time 2 min.

She-conomy: How Women Revitalised the Global Economy?

In a world where culture and business intertwine, women have become the leading protagonists, shaping the narrative of 2023. From the stage to the stadium, from bookstore shelves to local business displays, the influence of women on the economy and consumer behaviour is undeniable.

Throughout the past year, the business activity of women crescendoed significantly. Iconic figures such as Beyoncé and Taylor Swift not only captivated audiences but also provided a tangible stimulus to local businesses. For instance, Beyoncé‘s Renaissance tour acted as a catalyst for economic prosperity in the cities it visited, while Taylor Swift’s The Eras Tour broke numerous records and set new standards in the industry.

In the literary world, female authors dominated the bestseller lists in 2023, captivating the imaginations of readers worldwide. Seven out of ten top books of the year were authored by women. Even in cinema, the film “Barbie,” seemingly epitomising “girliness,” shattered box office records and became a cultural phenomenon, showcasing the powerful potential of female narratives.

The number of “women-owned” enterprises increased by 17% compared to the previous year. This surge in business activity isn’t confined to any one industry but spans across various sectors. Among the most notable are hospitality and tourism, where the number of female owners increased by 44%, followed by professional (40%), household (38%), and local (30%) services. Furthermore, women are now venturing into traditionally male-dominated sectors such as plumbing, heating system repairs, air conditioning, and more.

In the realm of sports and entertainment, the National Football League experienced a fashion renaissance, partly due to the presence of powerful figures like Taylor Swift. Her support for the Kansas City Chiefs and appearances at games in merchandise led to a surge in consumer interest both in the team and in sports as a whole, enabling small businesses around football to thrive. Additionally, the revival of bookstores, fueled by platforms like BookTok and celebrity book clubs, ushered in a new generation of female writers for book lovers worldwide. The number of searches for women-owned bookstores increased by 74%.

The health and self-care sector, traditionally associated with women, continues to gain momentum. Yelp data indicates a significant increase in requests for head spa treatments, Korean skincare products, Russian manicures, and more. Here, women-owned enterprises are thriving through partnerships with renowned brands and celebrities, underscoring the industry’s support for beauty.

Therefore, the role of women in shaping consumer trends and stimulating economic growth is becoming increasingly defining. It can be confidently stated that in the coming years, the “she-conomy” will continue to shape sociocultural narratives.