Womens History Month
Since 1987, the United States has celebrated March as Women’s History Month, a month dedicated to reflecting on the contributions of women to US history. Whether that be women in arts or women in business, this is a month to fully comprehend and appreciate the contributions women make to our society.
Over the last five decades, the percentage of women-owned businesses has increased from 4.6% in 1972 to 42% in 2019. As of 2019, there were nearly 13 million women-owned businesses generating $1.9 trillion in revenue and employing 9.4 million people. The massive growth of women-owned businesses continues to shine a light on the economic contributions made by women, including by American Fashion Network founder Jackie Ferrari.
While much progress has been made, there is more that can be done by partners around the United States in supporting these businesses, including the Federal government. Only 4.75% of Federal contracts were awarded to women-owned businesses despite making up almost half of all businesses in the United States. Ensuring there are additional opportunities and fewer barriers for women-owned businesses is important for private and public sector partners to consider when making business and policy decisions.
American Fashion Network supports all of the women-owned businesses in the United States and hopes this month, consumers will value the contributions made by these firms. Be it financially supporting these businesses, being a mentor, or having the courage to start your own business, March is time to reflect on the contributions made by women and inspire the next generation of women entrepreneurs.