“Women now drive the world economy.” This is the opening declaration in the Harvard Business Review article “The Female Economy,” highlighting this shift in emerging markets and developed nations worldwide. Women control almost $20 trillion in annual consumer spending and that number will only increase within the coming years. So, how exactly are women driving the world economy?
Gaining Buying Power
Women have a rising level of buying power and disposable income and control 65 percent of global spending. Predictions estimate the global income of women will reach $18 trillion by the end of this year. With more access to education and higher earned income, the buying power for women is only increasing, representing a growth market larger than China and India combined.
Reigning as Decision Makers
Not only do women hold the buying power, they also have control over how that power is used. They make the final decision or complete the purchase of the following:
- 94% of home furnishings
- 91% of home purchases
- 80% of health care choices
- 66% of computers
- 60% of automobiles
- 51% of consumer electronics
- 32% of vacations
Market sectors traditionally targeted specifically to women have included food, fitness, beauty and apparel, and these industries still represent consistent media placement opportunities. Meanwhile, industries previously marketed towards men, such as health care, technology and financial services, present massive growth potential for media and ad placement opportunities targeted towards women.
Reaching Female Buyers through Advertising
If you’re a media buyer looking to reach a female audience, you have a choice in which format you use to achieve this. One of the most effective media right now is digital advertising, considering female influence online is growing significantly worldwide. Supporting women’s power in digital, a comScore report states, “Once women connect, they engage; once they engage, they embrace; once they embrace they drive. And that’s the future. The Internet: it’s women’s work.”
Additionally, media placement in publications serving women, such as fashion, home and garden, beauty or lifestyle magazines are ideal. Multimedia works exclusively with publications that provide many opportunities to reach female buyers across the globe, such as Life & Style in Mexico, Marie Claire in Brazil and Caras in Chile and Colombia.
Media buyers can successfully reach female consumers through all media channels, particularly digital and print magazine publications. Multimedia represents a large range of publications that are specifically targeted towards women and that bear impressive readership profiles. For more information about how Multimedia’s exclusive media packages can help you connect with female consumers, contact us today.