Women owning their spending power is nothing new — so why are so many brands failing to connect?
To better understand the spending power of women today, The Collective, the women-focused global impact and advisory platform from Wasserman, released its version of a global women’s buying power report. The research includes insights from nearly 9,000 women across 10 countries to reveal how women see themselves, make buying decisions and why some brands are falling short of reaching them.
According to the report, two-thirds of the world’s discretionary spending today is held by women and totals an estimated $31.8 trillion in worldwide spending, more financial influence than ever. An estimated 70 to 80 percent of all consumer purchasing is driven by women, making their role in shaping marketing trends undeniable.
Still, almost half (49 percent) of women said they don’t feel that brands understand them. While many survey respondents indicated that brands’ products “do not reflect their real needs,” nearly half said that marketing continues to lean on outdated stereotypes. Ninety-one percent of women said they value brand authenticity. Moreover, 74 percent of women said while they have loyalty to at least one brand, many women favor brands that align with their values and offer authentic engagement.
“Women are telling us what matters to them and what doesn’t, and they clearly want products that support and reflect their lives, values and priorities,” said Thayer Lavielle, managing director of The Collective. “This research provides a global pulse on how women feel they are being marketed to, by region, and where they feel brand marketers may be missing the mark.”
Notably, while women across the globe said they do not feel understood by brands, the sentiment is felt significantly stronger by younger women. The top four reasons that women feel misunderstood by brands were revealed as: products not fitting their needs/lifestyle, inauthentic marketing, brands failing to connect and brands not communicating.
Moreover, the company said brands must understand that many women feel unseen, adding that it will be imperative to replace mass reach with micro trust. This will include speaking to the female consumer as an entire person rather than one segment of her life, with authenticity being a clear need to drive loyalty. The Collective encouraged brands to think about consumers in well-rounded personas, taking into consideration generation, global region, identity and values, lifestyle and behavior, and media engagement.
