Because you’re worth it ladies
March 8, 2011
‘The female economy will have a global economic impact greater than the BRIC countries (Brazil, Russia, India and China). This economy represents the most important commercial opportunity in our lifetime.” Marketers, sit up and take note. That is the message from Silverstein & Sayre authors of “Women Want More“.
One billion women worldwide work. In most countries the majority of women between 15 and 64 years of age are part of the workforce. In fact, in countries like the USA there are now more women than men in the workforce. What has contributed to this quiet revolution? Increased female education and the contraceptive pill. It’s simple, the better educated women are, the more they want to create careers for themselves and the greater the need to delay or space child birth. With the ability to delay having a baby for example, women can invest in skills that require time to learn – such as medicine – and even more time to pay off.
With greater participation in the workforce comes greater spending power and a greater ability to pay for childcare. It’s a positive work-loop and companies of all shapes and sizes are adapting to it.
Niall FitzGerald once boss of Univlever and now boss of Thomson Reuters argues that firms are becoming gender bilingual. Instead of treating women just like men in skirts these firms are recognising what a person has to offer regardless of their sex – that is to say they can speak Venusian and Martian.
In developed countries women control up to 73% of household spending and the proportion doesn’t go down with levels of developement as rapidly as you would suppose. In Brazil this figure is 58% whilst in China it sits at 50%. This sort of spending power is ignored at a brand’s peril.