Big spending aside, women can also boost economic growth
Women carry maize cobs in Elburgon, Nakuru County. The cobs are used for cooking in homes as firewood is scarce following a government ban on logging.
Over the years, economic empowerment of women has grown. Today, they control a large percentage of the world economy. According to a research by Frost & Sullivan, global female income was at $24 trillion in 2020.
As a market, the gender represents a large opportunity beyond even their income levels. The report by Frost & Sullivan further put the global female spending at $43 trillion. This is almost double their income level. The level of spending by women has over the years surpassed that of the economic powerhouses of China and India combined.
As such, smart businesses cannot ignore their contribution to the whole economy globally. In Africa, the female income and level of spending are considered to be growing much faster than in other parts of the world. As such, businesses need to pay more attention to the female in economic spheres.
Worldwide, women consumers drive the beauty, fitness, clothing, food, health care and financial services industries. At the household level, they are the key decision-makers. Their decisions influence almost every purchasing move.
Most of us have witnessed our mothers, sisters, wives making purchases for most household items from groceries to furniture. Women are also known to be influencing big-ticket purchases. They make decisions on schools, colleges, and buying of homes. It is for this reason that smart businesses must pay more attention to the increasing economic power of women. Businesses must be intentional about focusing their product development and marketing efforts on the female economy.
Female consumer
Do businesses understand the female consumer? Women consumers are considered a little different from their male counterparts. While men make decisions based on data and facts, women are seen to make them largely based on emotions.
Are businesses addressing women concerns in the market place? Are they taking time to study the behaviours of consumers based on gender? Are they offering products and services for men and women differently or are they lumping them together?
Businesses must ask themselves some pertinent questions; What do female consumers like? What don’t they like? It is not enough to make a product offering in pink. Businesses need to address the specific pains of their female consumers.
To survive, firms need to appreciate the women markets. As a financial services provider, what products or services have you tailor-made for the gender? As a provider of health and fitness services, what unique needs have you identified for your female consumers?
Businesses that will effectively meet the needs of the female consumer are likely to win in the marketplace. We need more and more businesses to make it easier for women as consumers. Maybe your industry needs different products and services for females and males.
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