Thursday, October 20, 2016

Mothers Mindfully Manage Their Role as Household CFO

Take a minute to think about who holds the spending power in your household, your friends’ households, or the household you lived in while growing up. While no family operates in the exact same way, it wouldn’t surprise me if most of the money spenders were the mothers.

Consider this, who is the person that buys groceries, goes back to school shopping with the kids, and purchases the household necessities like shampoo and laundry detergent? Chances are it’s the mother who is often referred to as the “chief financial officer” for their household by marketers.

It’s important for marketers to define their target audience but more importantly they need to know their behaviors. eMarketer released a study claiming that mothers tend to be bargain hunters. There are more single mothers in today’s society than in the past which means more women are living in a one paycheck household. For these women especially, good deals are important.

This chart shows that mothers are more likely to shop around, wait for sales, and cut coupons than women without children.

In order to reach mothers, marketers must know their priorities, and for most moms out there, price is at the top of the list. 

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