Our theme for our November blog is Female Self- Purchases and how it has increased exponentially thanks to the growing number of women entrepreneurs in the recent years.
This month we welcome Arielle Beaudin, Co-founder & President of LORI.biz, a non-profit organization whose goal is to promote and support female entrepreneurship in Quebec.
Congratulations on being our November #inspiringwoman! Your organization has surely seen a growth in female entrepreneurship. Do you think that this is why we have witnessed a significant increase in female purchases at the retail level?
Wow, thank you! I love that you are showcasing women initiatives 😉 . Our non-profit strives to promote female entrepreneurship which is definitely seeing a rise. I don’t think that there is a direct link between the two, but we are definitely seeing a shift here. According to recent studies women already drive 70 – 85% of all consumer spending through a combination of their own buying power and their influence on family spending. The current favorable economic climate coupled with changing demographics are certainly significant factors in the rise in retail spending. The number of women in the labour force continues to rise and they are more likely to put off having children until their careers are established. In the past women were more likely to put their careers on hold or to quit the labour force to start a family. Women today are also having fewer children and have more income to spend on themselves than in the past.
Tell us a bit about LORI.biz and what inspired you to create it?
When I was young, I was always told that I could be a lawyer, a teacher, a doctor, an actor… but never an entrepreneur because it just wasn’t part of my reality. Working for Startupfest (the biggest tech and entrepreneurship event in Canada) is what opened my eyes to the world of entrepreneurship. Being part of the festival made me realize that being an entrepreneur is accessible and that is where I discovered my passion for entrepreneurship. My co-founder Stéphane Atanga and I realized that the female entrepreneurship movement was rising, but that we weren’t hearing enough about it. We wanted to expose to the world all the great things that these women were doing, inspire others to consider entrepreneurship as a career and help the ones who were building their businesses.
We also need to level the existing gender gap in the entrepreneurial field so that as a society we will benefit from a largely untapped resource – female entrepreneurs. LORI.biz’s mission is to get women to consider entrepreneurship as a career path and support them on their entrepreneurial journey through its online media, events and incubator: LORI hub.
A recent study on female self-purchases indicate that women are treating themselves to jewelry for “non traditional’’ occasions; such as starting a new business or other achievements. As well, the study indicates that women feel a sense of optimism and pride when purchasing diamond jewelry in particular.
At LORI.biz have you seen this growing trend when mentoring today’s #girlboss?
Definitely. Women today are more likely to treat themselves to jewelry to celebrate a milestone or a personal achievement rather than wait to receive it as a gift. Jewelry was once overwhelmingly bought by men as gifts but this trend is changing. Men do still purchase jewelry as a gift for traditional occasions such as a birthday or an anniversary, but self-gifting is certainly on the rise. Women are buying what they like when they want it.
Whether it be in store or online, we are always proud when a woman makes a self purchase of a diamond ring; also known in the industry as the ‘’right hand ring’. Traditionally, the left hand is reserved for bridal and wedding rings; whereas the right hand represents confidence and independence. Certainly, we can have the best of both right? According to the study regarding female self purchasers, more than 57% are married! So, married lady, (5 years strong, right?) tell us what would be your favorite right hand ring and why THAT one?
I choose that ring because I love its classic elegance, feminine touch and what the diamond represents: strength. I also read somewhere that diamonds are believed to fill negative spaces in oneself with the purity of love and that’s a little something I think we could all benefit from 😉
Finally, tell us what’s next for LORI.biz?
What’s next for LORI.biz? An entrepreneurial mission to the Ivory Coast, an incubator with ESG UQAM and many beautiful collaborations!
Thank you, Arielle for sharing your story! You’re a true inspiration to today’s millennial minded woman (that includes forward thinking baby boomers too! 😉 ).
Readers: We’d love to hear about YOUR jewellery purchase; especially if it’s a right hand ring!
Simply take a photo and tag us on Instagram or Facebook. Don’t forget to use our hashtag #itsthe littlethings !