Women are the powerhouse of the world economy. With Global Consumer spending estimated at 28 trillion and earnings growing faster than ever, women represent a growth market twice the size of both China and India combined.
As the main primary caregiver in the family, women possess the “Multiplier Effect” making purchases for all members of their family, extended family and friends.
According to the Harvard Business Review, Women make the decisions for the majority of small and large purchases, such as:
91% of home furnishings
92% of Vacations
91% of Homes
60% of Automobiles
51% of electronics
…and by far the most significant consumers in fitness, beauty, clothing and especially the most essential category of food, with the majority of grocery shopping and meal preparation done by women.
With women controlling the Lion’s Share of consumer spending there are many opportunities to tailor products and services to attract the most powerful and influential female audience. The companies that are best able to meet the needs of women will have the greatest success in growing their customer loyalty and global market share in a vast array of products and service categories. Now, more than ever, companies need to fully recognize the power of the female consumer!