Bidiversity

Female employment continues to rise and wages for women are higher than ever, creating a significant impact on purchasing behavior and female spending. Euromonitor International published its latest strategy briefing: Female Breadwinners – How the Rise in Working Women is Influencing Spending Patterns and takes an inside look at demographic segmentation, the growing buying power of the female worker and opportunities in marketing to women.

Women are earning more than ever before, and in some cases are becoming the sole or principle earner in the family.

According to the report,

women currently represent 40% of the global economically active population, reaching 1.25 billion in 2010.

Most importantly, Euromonitor’s analysis suggests that:

with more female money makers, marketers need to consider new ways to target this consumer group.

For Gina Westbrook, Euromonitor International’s editorial director:

“Women are more easily reached via viral campaigns, and are more interested than men in causal marketing and fair trade issues,”

“Their natural desire for interaction and propensity to “spread the word”, along with the advent of web- and GPS-enabled phones, will make viral marketing and fun mobile phone apps more effective ways to reach female consumers in the future.”

The higher number of women in employment increases demand for clothing, cosmetics and fragrances, accessories and other products that women generally desire.

Additionally, more working women are living alone, and are becoming increasingly dominant in categories not historically marketed to them, including cars, technology, financial services and home improvement.

“Loyalty schemes, vouchers and rewards are also effective ways to reach women, and can be made compatible with social media sites, while the 2-D barcode (QR code), already common in Japan, will come into more widespread use in Europe and North America,” says Westbrook.