There’s power in numbers; recent statistics show that there are more single women in the workforce than ever before and they’re having a powerful impact on the U.S. economy.
Working women contribute more than $7 trillion to the U.S. economy. According to research by Morgan Stanley using data from the Bureau of Labor Statistics, by 2030, 45 percent of working women ages 25 to 44 in the U.S. will be single — the largest share in history. Compare that to 2018 when single women made up 41 percent of working women in that same age range.
The Morgan Stanley research suggests that some sectors, in particular, could benefit from this demographic shift. These sectors include apparel and footwear, personal care, food and luxury, and electric vehicles. Because singles, especially women, spend more on personal care than their married peers, Morgan Stanley research predicts Sephora-parent LVMH and Ulta Beauty could benefit.
Experts predict that lifestyle changes and expectations are directly impacting the growing proportion of single women in the workforce as more women receive bachelor’s degrees, marry later, and have children at an older age.
As the workforce changes, companies will be tasked with keeping up with the changing needs of their employees. According to ForceBrands’ 2019 Talent Market Report that examined benefits and compensation packages inside the CPG industry, employers are looking to their employee offerings to cater to these demands. Paid maternity leave and family leave top the list as the most popular employee benefits.
Read the full article about women in the workforce on CNN.