Female power fuels Pinterest’s value
The buying power and influence of women is fueling interest in Pinterest, the online photo-sharing site that’s something of a digital scrapbook.
The company says it has raised $367 million in its latest round of funding, valuing Pinterest at $11 billion — more than double its previous valuation less than one year ago.
“Women still are some of the biggest spenders. They control a lot of the… family budget. In categories where they are not the buyer, they are also an influencer,” says Carol Phillips, president of the marketing consultancy Brand Amplitude and professor of marketing at the University of Notre Dame.
Pinterest has some important user stats. Women make up about 70 percent of its users. And, one-third of its users are in $100,000+ households, which is also important, says Don Stanley, who teaches digital marketing at the University of Wisconsin and is founder of 3Rhino Media.
“Pinterest is a mature network,” Stanley says, “It has the deepest penetration in demographics that tend to have the higher socioeconomic statuses.”
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