The Growth of Women’s Financial Power
Men. Who needs ‘em? A recent Newsweek article noted that women are the ones driving the shopping –– and, economists hope, the recovery. That growth represents “the biggest emerging market in the history of the planet,” according to the article –– more than twice the size of the two hottest developing markets: India and China.
Really? Really? Hasn’t this song been sung by the enlightened for many years now? Is this still news? It’s true that women no longer are the “minority” market so many companies have considered them for decades. They are, in fact, the majority market. Yet many marketers still refuse to recognize the importance of women’s purchasing power. Are they afraid that, by targeting and building relationships with women, they somehow will lose men in the process? If that’s the case, they couldn’t be more wrong. Because the reality is, when you meet the needs of the woman, you more often than not exceed the needs of the man.
Women clearly are the major consumers in far more than traditional female categories. They purchase, or influence the purchase of, 91% of new homes, 66% of PCs, 92% of vacations, 65% of new cars, 93% of food and 89% of bank accounts.
All too often, the opportunity to engage female customers is missed because marketing strategies are drawn up along masculine lines that fail to recognize the differences between male and female purchasing motivations.
It doesn’t matter whether it is cars, cosmetics, or even products for men –– female consumption power is the leading consumption power in the world. Any company that overlooks women as the primary purchase decision makers is making a huge mistake.
So my question is –– are marketers still not getting it? Or is the tide finally turning?