Women's Happiness in the Economy | 08/06/2009 11:00 am

In Bad Economic Times, Many Women Shop While Men Have Identity Crisis

A new handbag only takes the edge off economic stress; another study shows that women’s happiness is declining as our economic power rises.

By The Staff at wowOwow.com

This may sound like something out of the recent movie "Confessions of a Shopaholic."

Whereas men used to having a lot of cash on hand may deal with the economic slump by cutting back on spending, women like to make themselves feel better about the money doldrums by shopping for things like pricey leather handbags.

"Women are also worried about their jobs, but not to the extent that they feel their mere existence is being threatened, and so they are in the mood to buy despite the crisis," gender marketing expert Diana Jaffe told Reuters, noting that job uncertainty often poses a threat to the male identity and therapy may prove more beneficial than a stop at the nearest Hermès.

One study of women around the world that came out this week is a testament to the fact that while money may be able to buy a handbag, it doesn’t necessarily make a woman happy. Although women spend more than 70 percent of consumer dollars worldwide — after all, it’s often the women who hold the family’s purse strings — women’s happiness has declined in recent decades.

A survey of 12,000 women in 21 nations by the Boston Consulting Group shows that although women are more educated and economically powerful these days, many say they are overworked, overextended and want more time to manage their lives. Sound familiar?! The Christian Science Monitor details how even though recession-hit jobs like manufacturing and construction have affected more men in terms of layoffs than women, the stress of being the main breadwinner, among other family issues, is putting a strain on women. A global happiness survey from The Nielsen Company released last November also shows that while men are happier with money, women are happier with friendships and relationships with their children, coworkers and bosses.

"Because they are happier with non-economic factors, women’s happiness is more recession-proof, which might explain why women around the world are happier in general than men are," said Bruce Paul, VP Consumer Research, US, The Nielsen Company.

So, to our wOw audience, what can we do as a society to make women happier while they rise through the ranks, economically?

12 Reader Comments (so far…) Sign In or Register to comment

I don’t know what women that they are using as their "sample", but I ain’t buying crap unless I need it!

By Kristy B on 08/06/2009 11:15 am

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Ditto for me as well! Right now I am saving as much as possible and trying to figure just what the most economical way will be to replace my bras in the fall - they can be quite pricey!

By Green Tears on 08/06/2009 11:30 am

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Isn’t that the truth! That’s good enough reason for us all to have a "bra burning" :)!!

By Kristy B on 08/06/2009 12:30 pm

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Yep, Kristy - sounds to me like Bain Management was in on the tallying. BASTA. I’m shocked that anyone "up there" in Wow would print such anti-female drivel. They have yet to realize it isn’t wise to bite the hand that feeds them.

By C jay on 08/09/2009 9:54 pm

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The headline strikes me as stereotypical in the extreme.

By F P on 08/06/2009 11:34 am

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If I am going to spend money, it surely will not be on some pricey handbag. Many years ago, I was wearing my brand new Gloria Vanderbilt jeans. My young husband said, " Your name isn’t Gloria, so why is that name on your butt?"

I think most women would be much happier if they had more uninterrupted "me" time. Once in Ixtapa , we met a lovely Canadian lady, vacationing alone. She was the mother of five, ran her own business, and was also involved in a new charity. Her cup runneth over. Twice a year, she recharged after week of "me time". The only instructions left with the family were," Do not call unless there is a real emergency".

By Maggie W on 08/06/2009 11:44 am

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I guess I’m in the minority because I understand what this article and the studies indicated in it, are saying and I agree.

Men definitely equate their level of happiness to their professions and ability to earn a living for themselves and their family. They lose their job and in their minds that makes then less of a man because they can’t provide for their loved ones, they feel inferior.

And conversely women do (maybe not the ones on this thread) but women do generally spend and eat more to ease stress. One or the other and sometimes both! :-) But it is true. I myself am spending money I shouldn’t because of stress over the economy and almost all the women I know are doing the same or eating like little pigs.

By Belinda Joy on 08/06/2009 1:36 pm

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Belinda, you are completely right. I’m a recovering "shopping therapy" woman. I justified my irresponsible spending during times of stress (often!!) by not buying for myself and reasoned that it was cheaper than a shrink. Of course, this type of behavoir just land you in a worse financial situation! My daughter is an emotional eater and that leads to many problems as well. We are working hard in our family to find healthier outlets for stress. I’m proud to say that I haven’t used a credit card for 18 months.

By STACY SEARS on 08/08/2009 6:15 am

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I understand when it says the men like to have cash because my husband is guilty of that - he feels he has nothing if he doesnt have cash in his pocket. I dont like cash - I much prefer the debit card when I am out and know that I am going to purchase something. I havent vamped up my spending but when your 3 year old goes up a shoe size in 2 months - you have to go out and buy new shoes but no pricey leather handbags for me unless they are on major sale!

By C Hardy on 08/06/2009 1:44 pm

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As a friend of mine says: "You’ll never regret buying the best." I guess my attitutde has always been to buy the best quality I can afford, and plan to use or wear the item for years. So…buying a pricy purse is not only stimulating the economy, it’s an investment. That’s my story and I’m sticking to it;-)

By Lee Harrison on 08/06/2009 4:30 pm

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I don’t think there is anything "we" can do to make women happier. I think women have to take stock and do that themselves. I mean really… are magazines and advertisers going to quit making women feel like crap? no. that’s how they sell things. convincing us we have to have.. this or that this or that. in order to be the "perfect" woman in order to be "loveable". society is not going to get on teh side of women any time soon. We are to easy of a mark. So women have to band together to fight the war of perfection and demand themselves. They have to quit feeling responsible for everyone else’s lives on their own. They have to quit trying to MAKE themselves loveable by buying into all the BS and instead demand that they be loved for who and what they are. Men do it. and men GET IT. Men get rewarded for remembering tehir wives birthday like they just performed some amazing feat of accomplishment while women are expected to remember not only her husbands but his parents, his nieces and eveyrone in between.

i’m rambling. This is a subject i can soooo go on about. And my thoughts on it are being compounded by a current addiction to that show "mad men". which portrays some of what has happened to women oh so well.

By Chrome Toe on 08/09/2009 10:07 am