Sheconomy
Taylor Swift concerts boosted travel and tourism spending in the US, the Federal Reserve Bank of Philadelphia said last October. And the movie Barbie broke nationwide box office records. It looks like the ‘she-economy’ is expanding. Data from Yelp points in the same direction. Openings of women-owned businesses increased 17% in 2023 compared to 2022 in the US. Several categories stood out: In hotel and travel, new women-owned businesses increased 44% compared to a US average of 28%. The total number of women-owned business openings was highest for home services at more than 13,000, with notable increases in traditionally male-dominated industries like plumbing and heating, ventilation and air conditioning (HVAC).
Source: Yelp, March 2024.