Women are now the ‘drivers of change’ in the world.
Women have been called ‘the holder of the purse strings’ for decades so I’m sure, for many, this welcome new label and increased attention from marketers will not come as a surprise.
What is so positive about this new designation is that it encompasses women around the world, not just North American, British or European women.
The new Future Perspectives report from The Futures Company* examines the evolution of women from being ‘consumers’ to ‘agents of change’ who are “shaping not just their own world, but everybody’s world”.
“Women 2020: How women’s actions and expectations are changing the future” discusses the importance of understanding a woman’s decision-making when it comes to life stages, lifestyles and purchasing – “in particular due to significant change for women in the area of control and choice. It is through their decision-making that their ability is manifested to act as catalysts of change.”
As consumers, we’ve always known that women were a powerful force but a number of factors have contributed to women, including women in developing countries, also having a significant impact beyond that: easier access to education; increased workplace presence; increased participation in business and politics; freedom to make their own choices; and with increased life expectancy, there has been a big shift from the traditional life stage trajectory.
With this shift in life stages, women are delaying marriage and a large percentage – 43% of GenX women in the US and the UK – are choosing to remain childless. Their attitudes to aging have also changed. The report says 83% of US Baby Boomers “don’t feel constrained by social expectations of what is or is not appropriate for someone of my age or gender” and 68% say they will be physically and mentally able to work into their 70s and 80s.
Looking to the future, marketers should expect:
- Less correlation between age and life stage, requiring the identification of new segments tied to an extended life stage model rather than age.
- Continued growth of single person households, opening up opportunities for services and products for women choosing to live alone.
- Women finding ways to do old things in new ways, creating opportunities for marketers to look for ways to help them resolve the tension between tradition and modernity.
- Adapting typical male-dominated categories such as gaming, autos and alcohol to appeal to a growing female audience.
- Access to other audiences through women. With increased income, spending on others – children, spouses, parents and friends – will also increase, opening up other potential audiences.
*The Futures Company is a leading global strategic insight and innovation consultancy, a Kantar company within WPP operating in Europe, North America, Latin America and Asia.
AdTawk 