Women are changing, fast. And marketers must keep up or fall out favour.
Women are earning, spending, and influencing spending at a greater rate than ever before. In fact, women account for $7 trillion in consumer and business spending in the United States, and over the next decade, they will control two thirds of consumer wealth. Women make or influence 85% of all purchasing decisions, and purchase over 50% of traditional male products, including automobiles, home improvement products and consumer electronics.
Why are all these figures from the US? Because in the UK marketers are ignoring this blindingly obvious fact that they need to get to know women better.
UK advertising is lagging way behind the speed that women’s lives, attitudes and behaviours are changing. So it’s no wonder women say advertisers don’t understand them.
° 59% of women feel misunderstood by food marketers
° 66% feel misunderstood by health care marketers
° 74% feel misunderstood by automotive marketers
° 84% feel misunderstood by investment marketers
° 91% of women in one survey said that advertisers don’t understand them
Source: Forbes, 2010 (via M2W.biz)
Failure to keep up will result in millions of pounds of wasted ad spend, and it’s already happening:
Example: Molson Coors: FAILED: to understand what women want from a beer brand LOST: over 3m Read more
Here are some more facts from the US – and if it’s happening there, you can bet it’s going to happen here soon:
1. The average American woman is expected to earn more than the average American male by 2028
2. 51% of U.S. Private wealth is controlled by women
3. Women account for over 50% of all stock ownership in the U.S.
4. Women control more than 60% of all personal wealth in the U.S.
5. Women account for 85% of all consumer purchases including everything from autos to health care
6. Women make 80% of healthcare decisions and 68 percent of new car purchase decisions
7. 75% of women identified themselves as the primary shoppers for their households
8. Women influenced $90 billion of consumer electronic purchases in 2007
9. Nearly 50% of women say they want more green choices, with 37% are more likely to pay attention to brands that are committed to environmental causes
Women and Cars
10. Women buy more than half of the new cars in the U.S., and influence up to 80% of all car purchases
11. Women request 65% of the service work done at dealerships
12. Women spend over $200 billion on new cars & mechanical servicing of vehicles each year
13. Mums represent a $2.4 trillion market
14. 55% of active (daily) social media moms said they made their purchase because of a recommendation from a personal review blog
15. 18.3 million Internet users who are mums read blogs at least once a month
16. In 2014, 63% (nearly 21 million) of all online mums will read blogs
17. Mums mention brands an average of 73 times per week compared with just 57 times per week among males
18. 77% of mum bloggers will only write about products or brands whose reputations they approve of
19. Another 14% will write about brands or products they boycott
20. 90% of mums are online vs. just 76% of women in general
21. 64% of mums ask other mothers for advice before they purchase a new product and 63% of all mothers surveyed consider other moms the most credible experts when they have questions
22. As early as 2000, women were found to have surpassed men in Internet usage
23. 78% of women in the US use the Internet for product information before making a purchase
24. 33% research products and services on-line before buying offline
25. Women account for 58% of all total online spending
26. 22% shop online at least once a day
27. 92% pass along information about deals or finds to others
28. The average number of contacts in their e-mail or mobile lists is 171
29. 76% want to be part of a special or select panel
30. 58% would toss a TV if they had to get rid of one digital device (only 11% would ditch their laptops)