As a market, women represent a bigger opportunity than China and India
combined. So why are companies doing such a poor job of serving them?
combined. So why are companies doing such a poor job of serving them?
Women now drive the world economy. Globally, they control
about $20 trillion in annual consumer spending, and that figure could
climb as high as $28 trillion in the next five years. Their
$13 trillion in total yearly earnings could reach $18 trillion in the
same period. In aggregate, women represent a growth market bigger than
China and India combined—more than twice as big, in fact. Given those
numbers, it would be foolish to ignore or underestimate the female
consumer. And yet many companies do just that, even ones that are
confident they have a winning strategy when it comes to women.
about $20 trillion in annual consumer spending, and that figure could
climb as high as $28 trillion in the next five years. Their
$13 trillion in total yearly earnings could reach $18 trillion in the
same period. In aggregate, women represent a growth market bigger than
China and India combined—more than twice as big, in fact. Given those
numbers, it would be foolish to ignore or underestimate the female
consumer. And yet many companies do just that, even ones that are
confident they have a winning strategy when it comes to women.
A study by Harvard Business School has found that women feel vastly underserved and despite
the remarkable strides in market power and social position that they
have made in the past century, they still appear to be undervalued in
the marketplace and underestimated in the workplace. They have too many
demands on their time and constantly juggle conflicting
priorities—work, home, and family. Few companies have responded to
their need for time-saving solutions or for products and services
designed specifically for them.
the remarkable strides in market power and social position that they
have made in the past century, they still appear to be undervalued in
the marketplace and underestimated in the workplace. They have too many
demands on their time and constantly juggle conflicting
priorities—work, home, and family. Few companies have responded to
their need for time-saving solutions or for products and services
designed specifically for them.
Click here to access the Harvard article and post your comments – what do women really want in the market place?