Research Reveals Spending Power Of The Superwoman
The independent spending power of women has grown significantly over the past twenty years, according to new research which suggests that advertisers may need to re-think their approach to gender specific marketing.
The study from Datamonitor reveals that in 2003 women’s spending reached over £1,400 billion and is set to hit almost £2,000 billion in the next five years. Despite this huge wealth advertisers are continually failing to connect with the modern women.
The research reveals the growing spending power of the new ‘superwoman’ who benefits from a high level of education and increasing freedom due to her choice to delay marriage and childbirth. However, this freedom is a double-edged sword and women are struggling under the pressure to be a successful a professional, one of the girls, a fulfilled individual, as well as a wife and mother.
Commenting on the findings, Andrew Russell, analyst at Datamonitor, said: “While marketers have always acknowledged women to be a powerful consumer force, this has mainly been due to their role as purchaser for the entire household. However, in recent years women have become more independent and confident consumers.”
He continued: “Nevertheless it would be a mistake to assume that this change marks a complete abandonment of women’s previous roles. The contrast between these practicalities and the modern perception of women being fully independent creates boundless opportunities for advertisers.”
The survey also supports previous findings which suggest that women in their fifties have a younger attitude, often due to delaying childbirth. Datamonitor claims these women wish to try to be young for as long as possible, through cosmetics and better healthier diets. It recommends that marketers will have to adopt a new attitude to these youthful women and suggests taking a more inclusive and positive approach to ageing.
Datamonitor found that women value time above any other resource, suggesting advertisers should focus on convenience, speed and fun when marketing products to the increasingly busy ‘superwoman’.
New research into advertising to women from global advertising agency, TBWA, also revealed that advertisers are continuing to miss the mark with women and it is time for advertisers to readdress their approach to women in order to reflect their changing status and experience in modern society (see Feature: Advertising To Women Misses The Mark).
Datamonitor: 020 7675 7271 www.datamonitor.com
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