In terms of household spending, women rule the roost. Advertisers are working twice as hard to hold their attention, and grab market share. The one question that advertiser’s have in common is: What do women want? FGI Research recently polled hundreds of women to pose this timeless query with respect to advertising, and the insights we discovered were quite interesting.
While many may quibble about the methods and politics behind the decennial census, it still remains one of the best tools we have for understanding how the consumer landscape is changing and predicting future trends. So, what will the next census say about the great people of these United States? A recent white paper from Ad Age gives us a glimpse of some very important trends. I’ve added some corresponding marketing research questions for your consideration…
1) Go West (or South) Young Man: Jobs (and therefore, people) are quickly migrating South and West: Lower taxes and fewer unions continue to encourage economic growth in the South and West.
FGI Research, in an effort to understand how homeowners are saving money this year, conducted an independent study on the subject of DIY projects. Social media sites are full of information about how to do everything from simple at-home repairs to large DIY upgrades. American consumers reported that using social media sites greatly increased their ability to do DIY projects. The social media sites they use most frequently include Facebook (29%), YouTube (24%), and personal blogs (15%).
Economic Downturn Causes Uptick in DIY
Of people who do DIY projects regularly, 28% report doing more DIY projects now than they did 12 months ago. The frequency of people doing DIY projects is not only increasing because of the educational opportunities on the internet, but also because of the downturn in the economy. In fact, 33% of DIYers said that they do more DIY projects specifically because of the down economy. Furthermore, 58% of people who do DIY regularly said that part of their motivation is expense.
According to a new book from BCG’s Michael Silverstein, the earning and purchasing power of women is poised to explode over the next five years. Globally, women’s total earned income is projected to increase by $5 trillion, to $18 trillion, by 2014. That’s an increase of almost 40%.
To put it in perspective, the worldwide increase in women’s income will be greater than the economic expansion of China and India combined during the same period. Along with this spike in earning power, women will continue to drive spending across major categories. In the United States, women control almost three quarters (72%) of all dollars spent. So, all of this earning and purchasing power clearly begs the question “what do these women want?!?” Recent research provides some very actionable answers and advice:
Rising unemployment rates and a financial system marked by chaos in recent months have many US consumers worried about their own personal finances. During the past three months, more than 95,000 people have blogged about their retirement prospects. On April 18, 2009, FGI Research observed a significant spike in traffic on social media sites regarding the subject of retirement. Just the day before, 60 Minutes had aired a show dedicated to the discussion of changes affecting seniors’ retirement plans in the midst of the recession.
Seniors Express Worry
To gauge the level of concern the average American feels about his or her retirement, FGI Research conducted an independent survey entitled “Consumers in Crisis.” The survey identified and measured how American consumers are reacting to changes in the economy. We asked respondents, with demographic qualities that reflect the 2000 census data, for their opinions. A clear majority of the seniors we contacted voiced concerns about their financial futures. In fact, the study revealed that 56% of seniors (aged 65+) are worried about having ...
