Six Services That Are Selling And Will Continue To Sell
Among single female Echo Boomers, businesses that specialize in the following six areas will see the most growth. Outside the medical and school systems, which will always be profitable institutions, these areas will help capture the single female Millennial demographic.
1. Home Security
Safety and security are a primary concern of single females, especially Echo Boomers. In sales, the phrase "safety and security" works seven times better for single females than it does for single males. I've spoken with several individuals in the home security industry, and their dominant demographic: single females (one of them told me that married males will buy home security, but her customers were seldom single males). Female Echo Boomers are no exception here; they'll want home security for a place they rent (if allowed) or own.
2. Real Estate
One third of female Echo Boomers express interest in owning a home someday. I would expect that as more single female Echo Boomers become homeowners, more single Echo Boomers will want homes (in other words, we'll see a rising effect as more homeowners influence other potential homeowners). If you look at the current data (below), you'll see that the growth potential here is quite high. Recall, that Generation Y is the second largest generation in American history.
One of the common jokes about living in West Texas (ie: Midland) was that you never knew who were the wealthy men of the area. You could be talking to a man in worn-out jeans, a dirt-covered jean jacket, and old boots, but the man had 9-digit wealth. Not with women. You knew which women had money because of one word: fashion.
Females of all generations tend to spend large amounts on fashion. And since the fashion world constantly changes, any fashion business you build will have a never-ending crop of customers who constantly need something "new." Could you ask for a better business?
After spending several years speaking with business owners, I learned from photographic studio owners that their major customer were females. Although a low marriage rate might imply that there will be a lack of interest in photography (no family photos, wedding photos, et cetera), single female Echo Boomers will still buy photography for their children (remember single mothers are a profitable group), or various life events, like special parties with friends.
5. Religious material
Religious organizations offer the opportunity to cross sell products, such as DVDs, books, et cetera. Material published for single females may have more success among Echo Boomers than Xers or other generations. Of the Echo Boomers I speak to, when reviewing accounts, females are more likely than males to purchase items at religious stores or donate to religious organizations.
Single female Echo Boomers express interest in travel more than single male Echo Boomers.