Retailers are having a hard time reeling in boomer women during the economic slump as most women are spending not on themselves, but on their family.
According to a writer for huliq.com, “One thing is for certain, in times of economic stress, Baby Boomer women turn inward to purchases of necessity. Certain luxury items of the past are now put on hold as the pure survival of the family unit is given priority.”
Take for instance, clothing store chain Chico’s FAS, which markets to boomer women. Huliq.com reports the retailer took in $23 million this time last year. This year’s numbers have dropped to $2 million.
What a difference six months makes. In June, she-conomy.com listed off some pretty staggering statistics on boomer women consumers, specifically that they will control two-thirds of all consumer wealth in the United States within the next decade. Most of the wealth may be in their control, but it will be hard to trace this holiday season.