INSIGHTS IN ACTION: THE FGI BLOG
What Do Women Want?
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:
- They will spend more for goods and services of higher quality (65% food, 57% clothing, 56% facial skin care)
- They demand products that deliver: time savings, fulfilling experiences, and emotional benefits
- They give examples of brands that consistently meet their needs: Coach, Crème de la Mer, Adidas, Apple and Nike
Our advice: keep your research sharply focused on the wants and needs of women as they related to your specific products and services. Otherwise, you may find yourself on the outside looking in on the very people who control the majority of every dollar that is spent.
David Wilson
CEO
FGI Research
November 18th, 2009 at 10:31 am
This shows that it’s more important now than ever to successfully meet your customer’s wants and needs, especially women’s wants and needs. FGI can assist you in successfully doing that. FGI follows best practices and all research studies are supported by research specialists. Every FGI client is given a dedicated team of experts to meet your requests. FGI will help you gain an advantage in the market with our custom research.
November 18th, 2009 at 6:13 pm
I know that women spend the money–but how much do we know about whether they make the decision about WHAT to buy? I worked on marketing cookies for children’s consumption and always found myself having to split time and budget between moms AND their children because we didn’t have any info that proved we could leave one group or the other out. Would have helped because you hate to split your budgets that way.
It seems in this day and age that we have the research tools to get to this granular level. maybe they have already–have you seen any data of this kind?