The female economy: What women want
Women account for 64% of the $18.4 trillion spent annually on consumer goods around the world. Pretty soon more women will be working in this country than men. Women already control half the wealth in the United States, and they will be responsible for roughly $5 trillion in additional earned income globally over the next five years. Welcome to the dawn of the female economy.
And yet many companies are ignoring, downplaying, or patronizing this fast-growing group of consumers. That's one of the key findings in a new book by the Boston Consulting Group's Michael Silverstein and Kate Sayre called Women Want More: How to Capture Your Share of the World's Largest, Fastest-Growing Market.
Silverstein, a former journalist and close cultural observer whose previous books include Trading Up: The New American Luxury and Treasure Hunt: Inside the Mind of the New Consumer, talked with Fortune about Women Want More, which is based on the findings of a survey of more than 12,000 women in 22 countries. (To take the survey, click here.)
What types of companies are the worst at appealing to women?
The three categories (as ranked by women) in descending order of dissatisfaction are financial services, health care, and consumer durables such as cars, electronics, and appliances. In all three categories, the providers effectively diss women.
Almost every financial services firm has a high-ranking female executive who's in charge of their women's initiative. But without exception they are all misunderstanding what is the appropriate way to speak to women. They think if they provide women with a cocktail hour and a chance to have a conversation with their peers, that creates a product and service that works for women.
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2020-09-15
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