WASHINGTON, D.C. — The Bureau of Economic Analysis released its advance estimate of the third quarter U.S. gross domestic product (GDP) which showed the economy grew at an annualized pace of 4.9% during this period. This is double the 2.1% Q2 growth readings, which were revised down, and better than expected. This GDP reading comes amidst elevated inflation (a median of 3.7% over the quarter), which continues to erode household purchasing power and shrink real wages (-0.1%).
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at IWF, issued the following statement:
“Women demonstrated their immense power in the U.S. economy as consumers and producers of female-focused goods and experiences. Fun-flation—the unusual increase in spending despite inflation—this summer was evident in today’s economic readings as large groups of women splurged on Beyonce and Taylor Swift concert tickets, Barbie movie outings, and fabulous outfits for the occasion. Ticket sales for women headliners in the top 25 tours rose over 400% from 2022 with Beyoncé and Swift representing 66% of all the sales for the top 10 artists on tour around the world.
“Local economies flourished as family and friend groups and mother-daughter duos dug into their savings or racked up debt to spend on hotels, airline tickets, and meals to complete their social-media-worthy experiences.
“Consumer spending by women gave the economy a massive boost, but may be an unsustainable one-time splurge. Not all female households are so fortunate either. Sustained inflation on everyday items and necessities remains a persistent challenge, especially for older women on fixed budgets and women from lower-income households. They cannot splurge on these fun experiences, and many middle-class families are forced to cut back on entertainment subscriptions, travel, and dining out. The reality is: there’s nothing fun about inflation.”
Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended but actually enhance people’s freedom, choices, and opportunities.
Independent Women’s Forum’s Center for Economic Opportunity (CEO) aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.