According to Forbes, the “new-mom economy” is currently valued at $46 billion. This industry includes all products and services targeted at first-time Millennial parents. From parenting apps to gender reveal party planning services, investors are pouring money into this new and booming economy.
With immediate access to information via the Internet, new parents have more tools at their disposal for the tough job of parenting. Many have seen the potential for the new-mom economy because of how increasingly reliant we all are on technology. Almost all adults have a smartphone, so apps related to parenting are becoming a big thing. Social media has allowed many parents to find a variety of services, support groups, and trends they can use in their everyday lives.
In an estimate by Forbes, American investors have poured $500 million over the past six years into companies that participate in the new-mom economy. As of Mother’s Day 2019, Forbes named the top startups that attracted so much investment over the last few years. The categories include health and expert support, community, job placement and career planning, breastfeeding, maternity clothing, baby toys and gadgets, baby clothing, and baby food delivery. Most of the investors are women, but there have been an increasing number of male investors who have seen the potential of the market.
Digital apps allow new moms to browse through various support groups to seek information and comfort: parenting content, return to work support, sharing content of uplifting mom stories, etc. Some apps are dedicated to connecting businesses with women trying to get back into the workforce after having their child. Gadgets targeted at new parents include wireless breast pumps, smart night lights for infants, health monitors, and smart baby monitors. Services offered also range from personalized style boxes to weekly meal plans for babies beginning to eat solid food.
With the goal of helping fellow parents, startups in the new-mom economy are not only providing for their families, but they are also making parenting easier and more enjoyable. The new companies also encourage women to get back into the workforce, as they can have more help in raising their children. Perhaps one day, they will also find a calling during their parenting and create a startup of their own.