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Wealthy Women Flex Financial Muscles

Married wealthy women make almost two-thirds (64 percent) of a family's purchase decisions on average, according to a Luxury Institute survey of women from households with $150,000 or more in annual income, MarketingCharts writes.

"Winning over wealthy women is a do-or-die proposition for companies in industries as varied as travel, healthcare, financial services and home improvement," said Milton Pedraza, CEO, the Luxury Institute. "Education is a big ingredient: 88 percent of wealthy women hold at least a bachelor's degree and 35 percent have a master's."

Marriott, Hilton, Visa and Home Depot stand out for their skill in marketing to wealthy women — each earned an unaided mention from 7 percent of respondents for being companies that do the best job of marketing to wealthy women.

Among other survey findings:

  • Women hold particular sway over home appliance and travel spending: in 68 percent of wealthy households, the matriarch has the final word on ovens, ranges, and refrigerators; 61 percent of them make the family's vacation decisions.
  • Healthcare decisions, including choice of plans and providers, are the domain of women in 48 percent of wealthy households, and nearly half (48 percent) call the shots on home improvement purchases.
  • In financial affairs, too, the female influence is significant: 22 percent of married wealthy women make all of the family's investment decisions on their own; another two-thirds report making financial decisions jointly; and 46 percent choose the family's bank accounts.

MarketingCharts has more tidbits of data.

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