According to a recent Research report by Euromonitor Research International – one of the world’s leading provider of global business intelligence and market analysis, the global female population totaled an estimated 3.6 billion in 2014 and is expected to reach 4.2 billion by 2030. Average disposable income amongst women is the highest it’s ever been, and women are living longer than men.
In a Webinar that took place last week on Thursday 19th, the Euromonitor team of speakers shared a presentation that looked at why the Female Consumer’s power was on the rise. Although most of these findings have used India and China as case studies, they also include the Female Consumer Market globally.
Below is a summary of the report.
Drivers of Growth
Some of the factors that have increased the growing influence of Women are:
a. Marriage is being delayed
This is a global trend for women. in 1990, the average age at first marriage in the developed markets was at 25 years. By the year 2030, this is expected to go upto 31 years. in Emerging markets, the average age at first was 21 year in 1990, by the year 2030, the average age will be 23 years.
This can mainly be attributed to women choosing to pursue their careers first before getting into marriage.
b. The average age of birth is rising
c. More women in education
d. Higher female labour participation
e. Greater disposable income
f. Financial independence
The global female population was at 3.6 Billion with a life expectancy of 73.3 years at birth in 2014 . Despite the rising female literacy standards, the gender gap still persists with countries like India having the worst disparities in female literacy to gender gap. As at 2014, China had the highest female adult literacy rate at 94.4% with India having 53.5%. The female employment rate in China was at 73.3% compared to India at just 21.6%.
Targeting Female Consumers & the Gender Pay Gap
According to the report, the greatest challenges to targeting these female consumers despite their growing power are:- Laws, Cultural barriers, and the still wide income gap compared to male consumers. Countries such as Egypt have biggest gender pay gap with an 81.8% difference in 2014. The Global average gender pay gap in 2014 was at 33.4%.
Female Headed Households
The number of Female headed households is on the rise with Russia and the US leading at 54% and 51% respectively
1. India will overtake China as the largest Female market by 20252. The older female consumers will gain more importance
3. Women will continue seeking solutions to work-life balance as they become more multi-taskers
Marketing to women globally
In the conclusion of this research report, some tips are given to brands that seek to market to the female consumer:-
The female consumer is busy and therefore is looking for time-saving solutions, women often control household spending despite lesser earning power than men and finally, there is no such thing as ‘one size fits all’ when it comes to female consumers.
Whats the Future
The UN predicts female incomes globally will lag behind men’s for another 70 years if the gender pay gap continues to reduce at the current rate. The Global female population aged 15+ in 2030 will be at 3.3 billion, up from 2.7 billion in 2014.
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