If there was sex in
the consumer market, it would be female. Women are the most powerful consumers
in the world today and their capacity in the consumer market ecosystem will
increase over the next decade. This is due to increased participation in the
workforce, greater brand influence and the number of women in market
leadership. Companies are interested in meeting their needs.
Women control about $
20 trillion in consumer spending annually, and that number is expected to
increase by as much as 40% over the next five years. This trend is largely due
to householder households, where women are responsible for 70-80% of all
consumer purchases for themselves, their partners, children and various other
household needs. A study published in the Harvard Business Review found that
women make an average of 94% of decorating decisions, 92% on vacation, 91% in
homes, 60% in cars and 51% in clothes.
A European Commission
study that looked at online shopping only found that in six consumer categories
(clothing and sporting goods, electronics, movies and music, household goods,
travel and vacation accommodation and event tickets), women they bought a
little more than men. . At all levels.
However, companies
continue to ignore women's special needs and lifestyles - a missed opportunity.
For example, cars are designed for speed, not utility, with airbags that can
hold an average of 250 pounds of men, but often cause injury when applied to
women and children. Voice-enabled devices, such as Siri and Alexa, have female
voices that further reflect the androcentric nature of consumer product
development. Même des entreprises progristes like Apple, Fitbit and Nike do not
have the right to accept the results of the product, but that the information
provided to the customer is due to the information provided by the company.
When feminists first
crossed the gloves of large consumer companies, many responded to their
products by washing themselves to meet consumer demands. This method, also
known as "shrinking" and "pinching" a company's products to
satisfy the buyer, has rarely produced positive results. Take Dell's attempt to
adapt to the consumer, for example. When the company launched its Della website
in 2009, the new platform was colorful and included a host of computing
technologies, including recipe and calorie counting applications that resembled
the world's home archetypes for a decade. . In the 1950s, women demanded
indignation at the site, calling it "condescending" and
"understandable". The site was removed shortly after.
So what is the key to
unlocking the wealth of women's consumption? The answer is ironically similar
to the rationale behind exclusion from advertising and consumer production.
Stereotypes characterize women as queens - who are responsible for cooking,
cleaning, and childcare - and men as shopkeepers. However, given the buying
trends described above, we know that the majority of households' wealth is not
spent this way.
In recent years, the
slogan "Womenomics" has been introduced, inspired by the growing
awareness of the purchasing power of women in a market economy. In addition to
household shopping trends, the number of women working in the United States is
poised to outstrip the number of men working - another indicator of a changing
consumer economy. Although women are still far behind men in terms of income -
between 35 and 75 cents per dollar, their impact on consumption has already
exceeded that of men.
Indeed, women are a
faster growing market than China and India combined; and together they
represent the second largest economy in the world in terms of labor income and
GDP. This seems a logical assumption, given that women make up half of the
population. However, due to lack of data and GDP's inability to take homework
into account, the figures underestimate the contribution of women to poverty.
sexual harassment
First, companies must
stop laundering sex and start sexual innovation. The development of products
tailored to the real lifestyles of working women can fundamentally change
women's communication and encourage women's consumption. In addition to being a
more realistic approach, advertising an empowered woman can inspire progress
and increase business profits.
2. Appoint women as
business leaders
Another way to
adequately meet consumer needs is to have women make decisions about business development
and advertising. It's simple: who knows women better than women? Advertising's
missed targets should come as no surprise when in 2019, only 5% of Fortune 500
executives were women. Product design, advertising, and business strategy can
all benefit from the perspective of top women.
3. Invest in women
Finally, men currently
control the investment and wealth systems. Although women account for up to 85%
of consumer spending, they receive only 2% of venture financing. Companies like
Ellevest, a company founded by CEO Sallie Krawcheck, have tried to fill that
void by teaching women to enter the historically male-dominated venture capital
sector.
Women's work in the
informal economy and in the home is endless or undervalued, as is their
purchasing power. Structural and cultural barriers continue to be perceived by
women as domestic and monolithic economic actors, which completely ignores both
their potential and their active participation as consumers.
Business ecosystems
would do well to prepare for the devastating effects of women's economics. They
must identify, invest in, and nurture the next generation of female consumers.
After all, the future of consumption is for women.
Delphi Cleaveland has
a master's degree in German and European studies with a concentration in women,
peace, and security from the Georgetown University School of Foreign Affairs.
She can also enjoy an
episode of The Europe Desk podcast in which renowned feminist scholar Myra Marx
Ferree discusses gender dynamics in European politics and the crisis of
masculinity:
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