THE YEAR OF THE SAVVY SWANK
February 20, 2014 — What will 2014 bring? Some say it’s the year space tourism will finally take flight and wearable technology will become a wardrobe staple. That may all be true, but at Frank About Women we believe the year ahead will be about something a little more down to earth, but with a much bigger bang: the Savvy SWANK.
A Single Woman, Affluent, with No Kids, the Savvy SWANK was first introduced in the Frank About Women 2013 white paper, “Single Sway: A Driving Force of New Female Consumerism,” SWANKs are among the most well-informed, highly engaged consumers, serving as influencers not only for their peers but also for consumers across generations and gender divides.
With women expected to control two-thirds of consumer wealth in the next decade, the highly educated and independent SWANK will no doubt be at the center of the changing consumer tide.
But therein lies the rub: Amid a cluttered landscape clamoring for her attention and the fact that you need her more than she needs you, the Savvy SWANK is not an easy conquest. She has embraced her independence and “singlehood,” and your brand will need to show why it should be in her inner circle.
In 2013, the power of the SWANK continued to rise as she became one of the fastest-growing consumer segments across a diverse array of categories, from travel and luxury goods to personal finance and home ownership.
And if home is where the heart is, that might be just the place for brands to start. According to the National Association of Realtors, single women are buying homes at almost twice the rate of single men. As any home buyer knows, the purchase process is only the beginning. Women account for $70 billion worth of home-improvement purchases, according to the Home Improvement Research Institute.
The SWANK’s affinity for independence is in full force when it comes to her home, hence the rise of female consumption of anything DIY, from HGTV to YouTube, and the recent rebirth of Domino magazine. But the platform that has benefited the most from this rising trend is Pinterest.
Eighty percent of the 70 million-member Pinterest community are women, and Pinterest referrals are highest in the home and furnishings categories, responsible for up to 60 percent of all social traffic. But it doesn’t end with engagement. Pinterest shoppers spend more per checkout, averaging $80–$100 more than social traffic from Facebook and Twitter.
We’ve long known that women make the bulk of the household buying decisions, but when she IS the household, like the Savvy SWANK, her substantial disposable income is even more lucrative. Invest in helping make her biggest purchase to date — her home — the ultimate reflection of her personal success and style, and she might just make a long-term commitment to your brand. Just know she will keep you on your toes.
Have you harnessed the power of marketing to the Savvy SWANK? Or are you still trying to make a connection? Regardless of your situation, we’re here to help. For a copy of our white paper, “Single Sway,” or to learn more about connecting with the female consumer in 2014, contact Shaun Stripling, chief marketing officer for Frank About Women, at 336.774.9397, or email her.
Sources: National Association of Realtors, Digital Marketing Ramblings, New York Magazine
This Frank Flash is brought to you by Seton McGowan, VP/Director of Social Influence and PR, Frank About Women.