It’s a SHE!
THE MARKET’S NEW CHIEF PURCHASING OFFICE
In Bridget Brennan book Why She Buys: The New Strategy for Reaching The World’s Most Powerful Consumers, she stated that if the business world had a sex, it would be male; if the consumer economy had a sex, it would be female. In simple translation: men create the products and women buy them. One of the major contributions that women make to the economy is through buying things. They play a prominent role in buying almost everyt
hing that provides sustenance for home and environment. Most studies show that women are responsible for buying 80% of household goods. While this is often played down and still subject to some debate, however, it is clear that women have a great deal of influence in the economy as consumers, in other words, a lot of spending power by simply looking at the demographic of store traffic and consumer information of the one who buys.
It’s difficult to estimate how much women spend as a global consumer but we all know that they are in charge of billions of different currencies in direct spending. They are also an important influence on other family members’ buying habits. Women also invaded the industry dominated by men such as automotive industry. They are responsible for the purchases of cars and influence automotive purchases. Influence means that if the woman doesn’t like a car’s color or seat cover, or if she’s not satisfied with the salesman, the couple (if she has a husband or a boyfriend) walks out of the dealership empty-handed. Women not only have money, they have veto power. It’s the most powerful buying behavior in the consumer economy.
These days many companies have identified women in different segments as important customer groups, and they (companies) work with mask an array of different consumer behaviours with the broad, age-based definitions. I have allocated a special section MARKETING TO THE ULTIMATE POWER OF THE PURSE CONSUMER SERIES in this blogsite. This material provides a new approach to understanding the women market, examining the effect of age values and attitudes to food, finances, education, health, technology, and fashion. Talking to different age groups, their behaviors and profession was fun and insightful as I examined their understanding and influence on (or control of) the purchasing. By doing this, it brings focus to the frequently overlooked purchase influence of a tween girl on parents; a wife on husband; a lady executive on male CEO and a lot more scenarios. I also draw on decades of real-world experience and research of some marketers and combine their research with implementable examples of current best practice. This is a valuable supplemental material for practitioners in retailing and product development, for their consumer behavior and marketing strategies targeting the she-economy.
- WHAT WOMEN WANT?
Marketing to the Power of the Purse Consumer [Series 1: “30 SOMETHINGS”]
- TWEENING THE GIRL POWER
Marketing to the Power of the Purse Consumer [Series 2: “TWEEN GIRLS”]
- THE WISE WOMEN
Marketing to the Power of the Purse Consumer [Series 3: “THE GOLDEN AGE”]
- BESTIES & SELFIES
Marketing to the Power of the Purse Consumer [Series 4: “TEEN GIRLS”]
- GENERATION Y NOT
Marketing to the Power of the Purse Consumer [Series 5: “20 SOMETHINGS”]
As the female population all over the world continue joining the workforce—earning their own paychecks as well as driving the spending of their spouses’ or influencing the purchasing decisions of companies —they have become the driving force of the economy. As a result, marketers and developers in almost every industry move quickly to create products and services with female appeal, including the gender-neutral and traditionally “male” product categories like electronics, automobiles, and finances.
It’s inevitable, as women now dominate consumer purchasing to such a degree, companies have started simply referring to consumers with the pronoun she.
ABOUT THE AUTHOR
Justine Castellon is an independent brand strategist, a business writer and founder of The Market Place 2.1 and Company. She provides creative thinking and interpretation of consumer and market insights. You may reach her Justine.firstname.lastname@example.org | Follow her at www.twitter.com/marketplace21