Women as Consumers

Are You Missing Out?

Increasingly, women's spending power and influence in the marketplace has grown. Consequently, women have become more empowered and educated consumers. From consumer electronics to financial services and real estate, women are purchasers worth paying attention to.

From the way they buy, to the messages they listen to, to what they buy and don't buy, women are, in many ways, different consumers than men.

So, just how different is this demographic?

• Part of the power of being a consumer is the power to choose how and where to spend your money, and even to withhold it from certain companies on principle alone. While, on average, North American women are just as likely as men to have participated in a boycott, affluent women are significantly more likely than their male counterparts to withhold their business when they are in disagreement with a company's politics or practices.
• In a recent 16-country study, 27% of men had shopped online compared to only 17% of women. Does this mean that women are more skeptical of security on the Net? Not according to our data. In fact, the barrier appears to be the shopping experience itself -- women are more likely than men to say that seeing and touching a product is an essential part of the buying process. That said, online marketers should implement communication strategies that minimize obstacles to the online buying process for women.
• This year, women are expected to spend about $55 billion of the projected $100 billion U.S. consumer electronics market, according to the Consumer Electronics Association. Consumer electronics retailers are starting to pay attention. They are realizing that women often want to know the benefits a product brings -- not just what features it has or how it works.

Marketers Slow to React

Although some progress has been made, many manufacturers and retailers have been slow to identify and respond to the specific needs and wants of women. And even the players that have responded have not always recognized and addressed the differences among women. Whether you are selling cars or designing insurance products, it pays to keep women in mind and to market toward them. If you understand and service this influential segment, you'll gain their attention and a competitive edge.