The she-conomy continues to expand

It doesn’t take a professor in girl math to calculate that women are having a large and growing impact on the US economy.

According to a recent trend report from Yelp, female entrepreneurs opened more new businesses last year than ever before, and are making inroads in traditionally male-dominated industries like plumbing and HVAC repair.

• The number of women-owned businesses listed on Yelp grew 17% last year.
• These businesses encompassed a wide range of industries, with the most growth in hotels & travel (+44%), professional services (+40%), home services (+38%), and local services (+30%). Each grew above the national average in their respective categories.
• The cities that saw the biggest increases in women-owned businesses year-over-year were Austin (s/o DONUT HQ), Miami, DC, Denver, and Orlando.

Consumers are also leaning in. Searches for women-owned fashion businesses increased 1,613% in 2023 from 2022. Searches for women-owned Pilates studios increased 353%, while searches for women-owned skincare brands increased 49%.

💪 Zoom out: 2023 was a big year for the she-conomy. Taylor Swift and Beyoncé’s respective tours (and concert movies) lifted local economies, Barbie broke box office records, and the National Women’s Soccer League set a new attendance record.

Next up for 2024? According to Yelp, the first big consumer trend of the year is the “mob wife aesthetic,” inspired by the recent 25th anniversary of The Sopranos.