The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
While unemployment rates remain high, female employment is rising and wages for women are higher than ever before, creating a significant impact on purchasing behavior among female consumers. In its latest strategy briefing: Female Breadwinners – How the Rise in Working Women is Influencing Spending Patterns, Euromonitor International looks at the growing buying power of the female worker.
Women are earning more than ever before, and in some cases are becoming the sole or principle earner in the family. According to the report, women currently represent 40% of the global economically active population, reaching 1.25 billion in 2010. Euromonitor’s analysis suggests that with more female money makers, marketers need to consider new ways to target this consumer group. “Women are more easily reached via viral campaigns, and are more interested than men in causal marketing and fair trade issues,” says Gina Westbrook, Euromonitor International’s editorial director. “Their natural desire for interaction and propensity to “spread the word”, along with the advent of web- and GPS-enabled phones, will make viral marketing and fun mobile phone apps more effective ways to reach female consumers in the future,” adds Westbrook.
The higher number of women in employment creates demand for clothing, cosmetics and fragrances, accessories and other products that women generally need or desire for appearance-sake in the workplace. Additionally, more working women are living alone, and are becoming increasingly dominant in categories not traditionally marketed to them, including cars, technology, financial services and home improvement. “Brands traditionally targeted at men, are looking to catch the attention of female consumers by featuring neutral colours and designs rather than adapting especially for the female market,” says Westbrook.
Euromonitor’s report examines specific markets in more detail, looking at general market trends as well as female employment and income trends for the following countries: Brazil, China, France, Germany, Japan, the UK and the USA.
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Melanie Perez, Senior Communications Executive, Euromonitor International