Estimates from the Boston Consulting Group suggest that women are currently the biggest emerging market ever seen. More specifically:

  • The global incomes of women will grow from $13 trillion to $18 trillion over the next five years
  • Women control or substantially influence 65% of the world’s annual consumer spending, or $12 trillion
  • Women’s influence over how families allocate spending increases as their incomes increase

These statistics shouldn’t be that surprising. We’ve been hearing for years about women’s growing buying power. It’s becoming increasingly obvious that women are becoming THE decision maker in more and more households. What is surprising is that more marketers aren’t taking more notice!

Surveys show that women continue to feel “vastly underserved” by marketers. In fact, instead of devoting the time and energy to figuring out what women really want, lots of major advertisers are launching a “pink” campaign and calling it a day. Seriously??!! Is that the best we can do?

Wake up, people. You need to be focused on women as target consumers. Women’s education level is rising, as is their share of prominent career positions. By 2028, the average woman is projected to earn more than the average man in the US. And these trends don’t just apply to this country – they will actually have a bigger impact in developing countries. This is a global issue! It’s not something that can be ignored…at least not if you want to continue generating sales and gaining market share. According to “The Power of the Purse: Gender Equality and Middle-Class Spending,” food, healthcare, financial products, education, childcare and consumer durables are going to benefit in particular from the growing spending power of women, while alcohol and tobacco will most likely be negatively affected. Those are major, major categories. Do you really want to go into what is sure to be a retail war blind to the data that’s already out there?

Come on, marketers and advertisers. Figure out what women want, and victory just might be yours.

LINKS:
Nielson Wire – Below The Topline: Women’s Growing Economic Power
Goldman Sachs – Power of the Purse: Gender Equality and Middle-Class Spending