Women are predicted to control 75% of discretionary spending globally and it’s just over a decade away.
The pundits have been predicting this a long way out and now, as found by an MBA from UNC’s executive program here, the scales are/have and will tip. What does this mean for business?
With women out-earning, out-spending and out-living men, there are multi-factorial reasons that have made women the “Minister of most household matters”. Rather than turn this into a sexist debate or let gender politics get in the way, now is the time to get smart and leverage this consumer audience.
For instance, broadbrush, or gender neutral advertising is less effective, with women proven to be the most engaged consumer. Spike Cramphorn’s study Gender Effects in Advertising undeniably unpacked this, irrevocably detailing this to be consistent across categories, even globally.
The opportunity to target women, needs to be understood by marketers as disruptive and as evolutionary as the decision to go digital. Products, strategies and brands that put women at the centre of their thinking will win this race.
Gender is now a segmentation step that cannot and must not be dismissed. It is more important than ever to connect with women using the right set of tools to maximise your ROI. Strategy from the past = old world thinking/fixed mindset and importantly was not developed to understand the female consumer.
This is far from a sexist discussion, just a commercial one. Follow the money.
Find out how you can get smarter about the female economy. Let’s chat BecBrideson.com