Understanding the Modern Female Consumer

I was intrigued by the findings of a new book, “Women Want More: How to Capture Your Share of the World’s Largest, Fast-Growing Market” (HarperCollins) written by Michael J. Silverstein and Kate Sayre of the Boston Consulting Group.

In it, the authors make the point that women are growing more and more demanding of virtually all categories of goods and services – but are willing to spend more on the brands that meet those expectations.

Globally, women earn an estimated $12 trillion annually, but the authors stress that they are overwhelmed by the competing demands on their time — raising children, assisting aging parents and maintaining their network of friends, all while retaining access to full earning potential.

Looking for more
While she may have a lot of money to spend, today’s working woman is generally dissatisfied with the manner in which she is being received. The 10 areas with which she is least satisfied include investments, automobiles, banking, life insurance, physicians, auto insurance, work clothes, hospitals, personal computers and lodging.

And, according to the authors, working women are willing to spend more for better products and services in these and other categories.

The book moves beyond the United States to provide a global perspective, giving nods to Sweden for providing women with the greatest degree of opportunity and the least amount of discrimination. According to one Swedish woman, her country will become even more attuned to the needs of women since younger generations will refrain from thinking in traditional gender terms.

Sweden is not female Utopia, however: 49 percent of Swedish women say they cannot find time for themselves, and 39 percent are dissatisfied with their levels of daily stress.

The book also asserts that opportunities for retailers to connect with working women abound in developing countries and regions like Brazil, China, India, Mexico, Russia and the Middle East, where the demand is for a more stable income, better working conditions and more leisure time.

Luxury and value
The authors devote much of the book to the beauty industry, and credit the role technology has played in developing new beauty products. I was especially intrigued by the story of La Prairie Cellular Cream Platinum Rare. It contains a trace of platinum; a 1.7 ounce jar (made by Swarovski) retails for $1,000 – and customers line up in luxury stores for the chance to buy it.

More pragmatically, the authors assert that for Whole Foods Market to continue to grow, its customers’ incomes must keep pace with their appetites for healthy food. They must be able – and willing — to pay premium prices for the products Whole Foods offers, but because consumers had less money to spend last year the company began to emphasize value.

The book provides some valuable benchmarks, and the authors expanded my horizons by providing insights into the opportunities retailers have to reach working women throughout the world.