What’s a sheconomy?
Consider this: Barbie, Beyoncé, Taylor Swift. This trio isn’t just reshaping pop culture, they are redefining economic power in ways we cannot ignore. It’s a trend that surged in 2023 and looks set to evolve even further into 2024. Women are currently influencing not just pop culture (for instance, at the Grammys), but also the economy. It got me thinking about exploring how this wave of female dominance in pop culture translates into broader economic empowerment.
Last year’s Girlboss Summer marked by Greta Gerwig’s Barbie film grossing nearly 1.5 billion dollars worldwide, alongside Beyoncé and Taylor Swift raking in millions from ticket sales, signified more than just profitable ventures. It hinted at a larger shift – the rise of Sheconomy. This isn’t just a buzzword.
The term Sheconomy refers to the economic phenomena powered by women. As women grow financially independent and accumulate wealth, their impact on the global economy strengthens. By earning more, women can afford more. Whether it’s fitness, wellness, tourism, or media – women are becoming more autonomous in their consumer behaviour.
In the United States, 70 to 80 per cent of purchasing decisions are made by women. The industry response? A noticeable shift towards products designed with women in mind. Currently, women control about a third of the world’s wealth – a figure set to increase as more women become millionaires and billionaires.
The rise of ‘Swiftonomics,’ a term coined to describe the economic impact of Taylor Swift’s Eras tour, exemplifies this power. Swift’s tour alone is estimated to have boosted the US GDP by five billion dollars, influencing sectors like tourism as her concerts drive up hotel prices and local spending wherever she performs. Similarly, the Beyoncé Effect observed after her Stockholm concert suggests that the presence of powerhouse women in entertainment does more than entertain – it catalyses economic activity.
It’s crucial to acknowledge, however, that while the likes of Beyoncé and Taylor Swift are exceptional, their stories are not the complete narrative. The broader success of women across various sectors is contributing to economic growth, offering undeniable proof that diversity in leadership not only enriches corporate culture but also boosts economic performance.
In Cyprus, as in many parts of the world, women are increasingly holding key positions in business, influencing economic policies and corporate strategies. This shift towards more inclusive leadership models has shown promising results, with diverse teams often outperforming their homogeneous counterparts.
So, what next? I guess, we must continue to advocate for structures that support women’s advancement in the workplace and beyond. Financial opportunities, such as better access to venture capital for women entrepreneurs, and policies supporting work-life balance are important. Breaking the glass ceiling is more than a metaphor – it’s an economic imperative. And as I reflect on the Sheconomy, inspired by icons like Beyoncé and Taylor, it’s clear that their influence extends beyond music.