The number of single women in the workforce is on the rise, which is having a big effect on the economy, according to research.
A study by investment bank Morgan Stanley showed that by 2030, almost half — 45 percent — of women between 25 and 44 in the United States will be single — the largest share in history, according to Forbes.
The percentage of single working women in 2018 was 41 percent, the study found. In general, the population of single-women in the U.S. will grow by an annual rate of 1.2 percent through 2030 to 77.5 million, compared to an 0.8 percent growth for the overall U.S. population, the study published August 22 showed.
By 2030, the percentage of single women over the age of 15 will rise to 52 percent and outpace that of married women, the study titled “Rise of the SHEconomy” showed.
Women are waiting longer to get married, if they do so at all, and having fewer children on average, the study said. The total fertility rate has dropped from two births per woman in 2009 to 1.73 in 2018, it said.
Since single women outspend married women, who tend to be the principal shopper in American households, some industries are poised to benefit from the growing number of single women.
According to the study, athletic apparel and footwear, personal care, fast food, and luxury and electric cars will mostly likely benefit.
“Best positioned for the gains are retailers like Lululemon, Nike, Ross stores and TJX Companies, the parent company of TJ Maxx and Marshalls, as research has shown that single women (and single men) spend significantly more time exercising than their married counterparts,” according to a Fox Business report.
“Starbucks is already popular with women” and Chipotle also has a lot of female customers because “it has both a healthier image vs. most limited service restaurants and relatively high exposure to urban, professional customers,” Fox Business reported.