June 18, 2018
The first rule of marketing is to know your audience. But unfortunately, many marketers are not aware of how the average female consumer has evolved over the decades. Marketers who want to reach female consumers need to take the time to meet the modern day woman. Here’s what you should know about her:
According to Nielsen, today’s women control over $39 trillion, which means they manage about 30% of the world’s wealth. Both single and married women are active in the workforce. In fact, another survey found that 22% of women who live with a significant other earn more money than their partner. Another 17% said of these women said they earn just as much as their partner does.
Based on these statistics, it is clear that today’s women have just as much financial power–if not more–than men. However, many women feel unappreciated by the financial industry. Women reported feeling as if financial representatives were talking down to them or uninterested in their business. These reps may not understand the huge financial opportunity they are missing by treating modern women so poorly.
Women are not only making more money than ever before, they are also in charge of how it is spent. It’s estimated that women make purchase decisions for 94% of home décor, 92% of vacations, 91% of homes, 60% of cars, and 51% of technological devices. It is important for marketers to keep these numbers in mind when they are planning campaigns designed to influence decision makers. Even if marketers are targeting married couples or families, it is likely that the woman in the household is responsible for making major purchase decisions.
A number of studies have shown that modern women are conscious consumers that put a lot of thought into the products and services they purchase. Some segments of the female population are more conscious than others about purchase decisions. For example, women within the Millennial generation consider many factors when making a purchase decision, including the brand’s values, commitment to diversity, sustainability initiatives, and stance on social issues.
Women of color are also classified as conscious consumers. Nielsen found that multicultural women typically support companies that make an effort to give back to the community and invest in sustainability. These factors are so important to multicultural women that they will even spend more on a product or service if it means doing business with a brand that they respect. For instance, 58% of African American women would buy products that are environmentally safe even if they cost more than other similar products on the market.
Today’s women are incredibly health conscious, so they are drawn to products that will improve or maintain their health. This is especially true when it comes to grocery or fitness products.
The Harvard Business Review recently surveyed women and found that their favorite grocery store was Whole Foods. This retailer offers a wide selection of healthy food products, however it is known for being more expensive than other grocery stores. The higher price is not an issue for most women, who are willing to spend more to protect their health.
Asian-American women are especially committed to their health. Eighty-six percent of Asian-American women who participated in Nielsen’s research said they are actively looking for new ways to live a healthier lifestyle.
Nielsen’s research also touches on the types of media that modern women consume on a regular basis. Some marketers may be surprised to learn that women are still listening to the radio regularly–in fact, it is estimated that the average modern woman tunes in for up to two hours per day. Radio is often thought of as an ineffective and outdated media channel, but this research proves that this is not the case.
Radio is popular among women, but not as popular as TV. The average modern woman spends up to four hours per day watching TV, and a total of 11 hours consuming all types of media.
Marketers who want to reach these women need to understand when they are tuning into watch their favorite shows. As it turns out, the answer to this question depends on whether the woman is working or not. If the woman works, she is more likely to watch TV in the morning and evenings, whereas women who stay at home are more likely to watch TV during the day.
Most modern women enjoy purchasing beauty products because these products make them feel confident, successful, and powerful. In fact, women who wear beauty products often report lower levels of stress at work than women who don’t use these products. Despite their love for beauty products, a growing number of women have expressed dissatisfaction with the beauty industry as a whole. Today’s women feel the industry is dominated by men who do not understand the wants and needs of the modern woman.
Research has also shown that women are unhappy with the inconsistent sizing used in the apparel industry. A size 6 at one store can be very different than a size 6 at another store. Sometimes, two size 6 garments from the same retailer vary drastically in size. This inconsistency in sizing can make it difficult for women to shop online since they are unsure of which size to purchase. Harvard Business Review’s study found that women are willing to spend more on clothing that works for their body type, so this is a major opportunity for marketers who are willing to listen.
Stay up-to-date with the latest marketing trends with a little help from Factory 360. Contact our team today to learn how we can transform your business with fresh, exciting marketing ideas.