Rise of SHEconomy: The $20 Trillion Dollar Purchasing Power of Women — Retail Boss

Fashion retail has always been a reflection of society, but unfortunately, it hasn’t always represented the diversity and inclusivity that our world truly embodies. However, times are changing and so is fashion. The Sheconomy ia known as an economic force driven by women who control $20 trillion in consumer spending worldwide. They are demanding the retail industry — in both beauty and fashion to shatter stereotypes and amplify underrepresented voices.

In this article, we’ll explore how the Sheconomy is driving change towards more inclusive and representative fashion trends that celebrate all body types, races, genders and abilities. Let’s see how this powerful movement is transforming one of the most powerful industries on earth.

What is the Sheconomy?

With the rise of social media and the ubiquity of smartphones, consumers now have unprecedented access to fashion. Diversity and inclusivity in fashion is no longer a luxury; it is a necessity. The Sheconomy is a term that refers to the growing economic power of women. Women are increasingly becoming the primary breadwinners and decision-makers in households around the world. As such, they are also driving the demand for more diverse and inclusive fashion options.

There is no one-size-fits-all definition of what constitutes Sheconomy-driven fashion. However, some common themes include clothing that is designed for all body types, ethically produced, and size inclusive. Sheconomy-driven fashion brands are those that put the needs of their female customers first, above all else.

In recent years, we have seen a surge in Sheconomy-driven fashion brands and retailers. This is in response to both an increase in demand from women consumers, as well as a growing awareness of the importance of diversity and inclusion in the retail industry.

Impact of the Sheconomy on Retailers

In recent years, there has been a seismic shift in the fashion and beauty industries towards greater diversity and inclusion. This is largely driven by the “sheconomy” — the growing economic power of women around the world.

As women’s incomes and spending power have increased, so too has their influence over the fashion and beauty industries. Women are now demanding products that better reflect their unique identities and needs. And they are using their buying power to support brands that champion inclusivity.

This is having a profound impact on the way fashion and beauty brands operate. We are seeing more diverse representation in advertising and marketing campaigns, as well as on the runways and in magazine editorials. Brands are also starting to offer a wider range of sizes, skin tones and styles to cater to a broader range of customers.

Some of the most popular Sheconomy-driven fashion brands include Everlane, Reformation, Universal Standard, and ModCloth. These brands are paving the way for a more inclusive future for fashion.

Diversity and Inclusivity In Action

Diversity and inclusivity are two of the most important buzzwords in the fashion industry today. And for good reason — the fashion retail industry has been accused of being exclusionary and elitist for far too long. But thanks to the rise of the Sheconomy, women are increasingly becoming the driving force behind changes in the industry.

One of the biggest changes we’re seeing is an embrace of diversity and inclusivity. Brands are finally starting to realize that there is power in catering to a wide range of demographics. And it’s not just about making a token effort — these brands are committed to diversifying their teams, campaigns, and collections to truly reflect the world around us.

One such example is the plus-size clothing brand, Eloquii. Eloquii was founded in 2011 as a spin-off of The Limited, with the mission to provide stylish and affordable clothing for women sizes 14 and up. Since then, Eloquii has become a powerful force in the fashion industry, with a strong online presence and a robust social media following.

ModCloth, an online retailer specializing in vintage-inspired and size-inclusive clothing. The brand known for their all-out inclusivity; the brand’s clothing runs to a size 4X and features retro yet basic designs.

Universal Standard, a direct-to-consumer brand offering modern essentials offer pieces from sizes 00 to 40, making the online retailer one of the most size-inclusive brand around.

ASOS is another brand that has been praised for their inclusive sizing (they offer sizes 00–30), and inclusive beauty products. They’ve also launched initiatives like ASOS DESIGN Curve, which is a collection specifically designed for plus-size women. In addition, they offer a 20% discount to students with valid ID — making their affordable clothes even more accessible.

These brands are proving that fashion can be inclusive of all shapes, sizes, and backgrounds — and they’re doing it with style.

Fashion Retail Industry Today

In recent years, the retail industry has begun to embrace diversity and inclusivity, driven in large part by the sheconomy. By shattering stereotypes and promoting a more inclusive image, the industry is opening up new opportunities for all kinds of people.

Diversity and inclusivity are not just about providing representation for different groups of people. They are also about creating an environment where everyone feels welcome and included. When people feel like they belong, they are more likely to participate fully and contribute their unique perspectives.

The retail industry has made great strides in recent years, but there is still more work to be done. By continuing to shatter stereotypes and promoting diversity and inclusivity, the industry can continue to grow and thrive.

Author: Jeanel Alvarado — Ohemeng

I have 15 years of experience in the retail industry including expertise in marketing, operations, merchandising, buying, shopping and technology. I am a former senior managing director of The School of Retailing, University of Alberta. My education includes a Bachelor of Commerce Degree from The University of Alberta in Marketing, Certificate in Real Estate and a Diploma in Fashion Merchandising and Buying from LasSalle College, a Canadian private school founded in 1959 by fashion designer Jean-Paul Morin.

Originally published at https://retailboss.co on March 11, 2023.