PHOTO: CNN
Now playing
01:15
Ex-White House economist: Trump's policies are working
Nigerian former Foreign and Finance Minister Ngozi Okonjo-Iweala smiles during a press conference on July 15, 2020, in Geneva, following her hearing before World Trade Organization 164 member states' representatives, as part of the application process to head the WTO as Director General. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
PHOTO: FABRICE COFFRINI/AFP/Getty Images
Nigerian former Foreign and Finance Minister Ngozi Okonjo-Iweala smiles during a press conference on July 15, 2020, in Geneva, following her hearing before World Trade Organization 164 member states' representatives, as part of the application process to head the WTO as Director General. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
Now playing
04:05
WTO Chief: We need equitable and affordable access to vaccines
Goya Foods President Robert Unanue speaks at a press conference with Carlos Vecchio, the Venezuelan Ambassador who is recognized by the United States on December 21, 2020 in Doral, Florida. The two held the press conference to discuss details of a recent shipment of humanitarian aid to Venezuela, donated by Goya Foods. (Photo by Joe Raedle/Getty Images)
PHOTO: Joe Raedle/Getty Images
Goya Foods President Robert Unanue speaks at a press conference with Carlos Vecchio, the Venezuelan Ambassador who is recognized by the United States on December 21, 2020 in Doral, Florida. The two held the press conference to discuss details of a recent shipment of humanitarian aid to Venezuela, donated by Goya Foods. (Photo by Joe Raedle/Getty Images)
Now playing
03:24
Goya CEO under fire for false Trump election claims
Now playing
01:23
'There should be no threats': Biden's message to union-busters
Misinformation Trump Capitol March rn orig_00004630.png
Misinformation Trump Capitol March rn orig_00004630.png
Now playing
04:08
These Trump supporters are convinced he will be president again on March 4
PHOTO: CNN
Now playing
02:54
'Biggest trial of my life': Landlord says eviction moratorium has drained her savings
Now playing
01:36
Michael Bolton wants you to break up with Robinhood
Now playing
01:57
Fed chief downplays inflation concerns
Now playing
04:34
See what has happened to Trump's DC hotel after his loss
Now playing
01:41
Meet the 29-year-old cancer survivor set to make history in space
WASHINGTON, DC - JANUARY 15: MyPillow CEO Mike Lindell waits outside the West Wing of the White House before entering on January 15, 2021 in Washington, DC. (Photo by Drew Angerer/Getty Images)
PHOTO: Drew Angerer/Getty Images
WASHINGTON, DC - JANUARY 15: MyPillow CEO Mike Lindell waits outside the West Wing of the White House before entering on January 15, 2021 in Washington, DC. (Photo by Drew Angerer/Getty Images)
Now playing
00:39
MyPillow and its CEO Mike Lindell sued by Dominion
Bill Gates AC intv 022021
PHOTO: CNN
Bill Gates AC intv 022021
Now playing
02:32
Will Bill Gates go back to shaking hands? Hear his thoughts
02 Bill Gates AC intv 02202021
PHOTO: CNN
02 Bill Gates AC intv 02202021
Now playing
02:13
Bill Gates optimistic about climate policy under Biden WH
Now playing
05:37
Texas mayor: We were not prepared
Now playing
03:05
Watch lawmakers grill Robinhood's CEO
PHOTO: CNN
Now playing
04:47
ERCOT CEO explains how Texas power failure happened
(CNN Business) —  

There are more single women in the workforce than ever, and that’s having a profound effect on the US economy.

Working women contribute more than $7 trillion to America’s economy. By 2030, 45% of working women aged 25 to 44 in the United States will be single. That will be the largest share in history, according to research by Morgan Stanley (MS), using data from the Bureau of Labor Statistics.

In 2018, single women made up 41% of working women in that age range.

Women have always tended to be the principal shoppers in American households, and single women outspend married women, the Morgan Stanley research says.

The winners

Some sectors in particular could benefit from this demographic shift.

Apparel and footwear, personal care, food and luxury and electric vehicles are most likely to get a boost from more spending by single women, according to Morgan Stanley.

In the apparel segment, brands like Lululemon Athletica (LULU) and Nike (NKE) are well positioned, even as an aging population weighs down the sector.

Singles, especially women, spend more on personal care than their married friends. Morgan Stanley says Sephora-parent LVMH (LVMHF) and Ulta Beauty (ULTA) could benefit.

America’s departure from the traditional family model also means more business for fast-casual restaurants like Chipotle Mexican Grill (CMG) and Starbucks (SBUX).

Finally, Morgan Stanley expects more women will buy more cars in the future than they do now. At the moment men represent a bigger group of buyers, but over time, the male-female split of auto buyers will even out, which could give car sales a big boost. The bank’s top pick in the segment is Tesla (TSLA).

Beyond lipstick

But single working women don’t just buy lipsticks, cars and yoga pants.

“Low-income households, which are more likely to be headed by women, spend 82% of their budget on basic needs like housing, food, transportation, health care and clothing,” said Lauren Bauer, fellow in economic studies at the Brookings Institution.

In comparison, middle income households only spend 78% of their budget on basic needs, according to a report from The Hamilton Project at the Brookings Institution. While housing accounts for the lion’s share of spending in all income groups, it eats up nearly half the budget for low-income households. Food and transportation are the next two biggest items.

The proportion of single women in the workforce is likely to grow as more women get bachelor’s degrees, marry later and wait until they’re older to have children. About 80% of single women between the ages of 25 and 54 are working or seeking employment, Bauer said.

And as the workforce changes, corporations will have to rethink how they can support employees. One of the biggest barriers that remains for female workers is access to childcare.

“We have to talk about releasing the pressure on the household,” said Pam Jeffords, partner and diversity & inclusion leader at PwC. And this means for employers to think about care — both for children and parents — as a condition for employment rather than a benefit.

“Organizations need to stop assuming that there’s one kind of traditional family unit that needs one kind of support,” Jeffords said.