You've Come a Long Way, Baby
In 1967 the Phillip Morris tobacco company wanted to introduce a new, slimmer cigarette. They turned to their advertising agency, Leo Burnett Agency, for marketing ideas. The ad creatives kicked ideas around for a month, eventually coming up with the concept of a cigarette “designed” exclusively for women. The new product was Virginia Slims. The memorable tag line: “You’ve come a long way, baby.” The product launch was a huge success.
Whether an increase in tobacco consumption by women is an achievement to celebrate is debatable. What is not up for argument is that women have more wealth in 2024 than they have ever had before in human history. Some data nuggets from a recent CNBC story:
- Women make up 11% of the world’s millionaires, nearly double the share as recently as 2016.
- Women are projected to inherit some $9 trillion in horizontal wealth transfers in the coming years, as they survive their husbands by an average of four years.
- Women will control most of $30 trillion in baby boomer wealth by 2030, according to a McKinsey report.
- McKinsey also stated that, compared to five years ago, 30% more married women are making the financial and investment decisions for their families.
The shift in wealth ownership has important implications for philanthropy, as well as institutions in the business of wealth management. With great resources comes great responsibility, as seen with the efforts of notable female billionaires.
Click here to view an entertaining review of the ads for Virginia Slims. The slogan was dropped in the 1990s, having worn out its appeal. For a look behind the creative curtain in the development of the ad campaign, click here.