02.28.24
From getting decked out for a Beyoncé concert to Barbie at the box office, women were major drivers of economic growth in 2023—and the “she-conomy” is showing no signs of slowing down in 2024, according to a new study from Yelp.
“2023 was touted as the Year of the Girl and Yelp data shows women were at the core of major consumer behavior trends last year. Whether you attended a women-led stadium tour, adopted a new wellness routine, picked up a new bestselling book, or updated your wardrobe, the she-conomy dominated cultural trends and ultimately drove economic growth,” said Tara Lewis, a trend expert with Yelp.
According to recently released data from Yelp, women-owned businesses saw a 17% increase in new openings in 2023 compared to 2022. Yelp data also indicates that trends created and popularized by women influenced consumer behavior across a range of industries including beauty.
Women-owned business openings saw growth above the national average in several categories, according to Yelp data.
With nearly half a million women-owned businesses on Yelp (470K), women are opening new businesses across a range of industries. The most growth came in hotels and travel (up 44%), professional services (up 40%), home services (up 38%), and local services (up 30%), all growing above the national average in their respective categories.
Additionally, there was an uptick in searches for women-owned business. In fact, searches for women-owned skin-care business rose 49% last year, according to Yelp.
What’s more, Yelp users also looked into new ways to practice self care, treating themselves to head spa treatments (up 550%), Korean skincare (up 447%) and Russian manicures (up 261%), according to the Yelp study.
Overall, searches for women-owned skincare businesses were also up 49% year over year, as creators, like Hailey Bieber and Marianna Hewitt, target new audiences through collaborations with brands like Erewhon (up 91%), according to Yelp.
Yelp predicts quiet luxury will hold true in 2024, popularized by Jasmine Tookes and Sofia Richie and their closets made up of minimalistic and timeless, luxury pieces. But beyond apparel, a signature scent is also an essential part of a quiet luxury beauty routine, users are creating their own go-to scents, with increased searches for make your own perfume (up 52%) and custom fragrance brands seeing a jump in page views, like November Nichols’ Chémin (up 55%) and Indiehouse Modern Fragrance Bar (up 47%) in the last 12 months.
“As women invest in their own business ventures and set new trends, we anticipate our contributions will continue to propel economic activity as both consumers and business owners,” said Lewis.
“2023 was touted as the Year of the Girl and Yelp data shows women were at the core of major consumer behavior trends last year. Whether you attended a women-led stadium tour, adopted a new wellness routine, picked up a new bestselling book, or updated your wardrobe, the she-conomy dominated cultural trends and ultimately drove economic growth,” said Tara Lewis, a trend expert with Yelp.
According to recently released data from Yelp, women-owned businesses saw a 17% increase in new openings in 2023 compared to 2022. Yelp data also indicates that trends created and popularized by women influenced consumer behavior across a range of industries including beauty.
Women-owned business openings saw growth above the national average in several categories, according to Yelp data.
With nearly half a million women-owned businesses on Yelp (470K), women are opening new businesses across a range of industries. The most growth came in hotels and travel (up 44%), professional services (up 40%), home services (up 38%), and local services (up 30%), all growing above the national average in their respective categories.
Additionally, there was an uptick in searches for women-owned business. In fact, searches for women-owned skin-care business rose 49% last year, according to Yelp.
Self-Care, Wellbeing & Beauty
Building healthy habits—such as staying hydrated and improved sleep quality—are key to how consumers are prioritizing their time and budgets, says Yelp. Mirroring this behavior, searches on Yelp increased for Stanley cup (up 215%), magnesium (up 74%) for the sleepy girl mocktail, pickleball (up 28%), pilates (up 25%) and strength training (up 14%) when comparing 2023 to 2022.What’s more, Yelp users also looked into new ways to practice self care, treating themselves to head spa treatments (up 550%), Korean skincare (up 447%) and Russian manicures (up 261%), according to the Yelp study.
Overall, searches for women-owned skincare businesses were also up 49% year over year, as creators, like Hailey Bieber and Marianna Hewitt, target new audiences through collaborations with brands like Erewhon (up 91%), according to Yelp.
Mob Wife & Quiet Luxury Influence Hair & Fragrance
With the recent 25th anniversary of "The Sopranos," the first big trend of 2024 is the mob wife aesthetic, which rose to popularity this January and celebrates the glitz and glamour of Carmela Soprano herself. Yelp data shows a spike in January 2024 searches for blowout services (up 87%) when compared to January 2023.Yelp predicts quiet luxury will hold true in 2024, popularized by Jasmine Tookes and Sofia Richie and their closets made up of minimalistic and timeless, luxury pieces. But beyond apparel, a signature scent is also an essential part of a quiet luxury beauty routine, users are creating their own go-to scents, with increased searches for make your own perfume (up 52%) and custom fragrance brands seeing a jump in page views, like November Nichols’ Chémin (up 55%) and Indiehouse Modern Fragrance Bar (up 47%) in the last 12 months.
“As women invest in their own business ventures and set new trends, we anticipate our contributions will continue to propel economic activity as both consumers and business owners,” said Lewis.