The female consumer segment is numerous, diverse, multifaceted, and increasingly influential. Hence, knowing the dynamics of what women want, their preferences, needs and behaviours, is pivotal in shaping market strategies, driving innovation, and fostering inclusive growth across industries. This article explores and offers the top three values for Female Consumer.
Understanding the growing importance of the Female Consumer
In 2023, the global female population stood at 50% - marginally higher in Eastern Europe (53%) and somewhat lower in Asia Pacific (49%). Over the following 15 years, female population growth is set to outpace the global rate, particularly in Asia Pacific, which will witness the highest growth in the average real female disposable income (68.7% over 2023-2040). Yet, numerosity and growing incomes do not portray the full picture of the rising Female Consumer.
Women are increasingly influential in making household consumption decisions. Although just 28.5% of global households were headed by females in 2023 (a household head is the person who usually manages household affairs), their decision-making power is far greater in developed countries, where they also enjoy higher purchasing power.
Women head more than 42% of households in developed countries, with some significant outliers such as the US, where women head 56% of households
Source: Euromonitor International
Female Consumer empowerment is reshaping consumption patterns and influencing marketing and brand narratives around the values important to women: value for money, fairness and inclusion, and health and wellness.
Value for money
Women, on average, exhibit more frugal consumer behaviour than the general population. They also display heightened sensitivity to adverse economic conditions, such as rising costs of living in 2022-2023. According to the Euromonitor International Voice of the Consumer: Lifestyles Survey (fielded January to February 2023, n=40,691), 76.4% of females expressed concerns about rising everyday costs, with only 30% comfortable with their present financial situation.
Compared to males, the female respondents were more cautious about debt too, with fewer reporting higher indebtedness than savings, less reliance on credit cards and other borrowing, and a preference for increasing savings.
Furthermore, 46.3% of female respondents confessed their preference for bargains in 2023, emphasising their focus on optimal solutions and value for money. As a result, bundling of affordability with the wider spectrum of consumer values, particularly quality, social and environmental responsibility, and authenticity, enhances attractiveness and appeal of the products and services to female consumers.
Despite advancements in female empowerment, achieving fairness and inclusion remains elusive, especially concerning women’s income levels. In 2023, the global gender pay gap averaged approximately 30%, with women earning just 35% of men's pay in the Middle East and Africa and 56% in Asia Pacific. Notably, even in developed regions advocating equal rights, women encountered a substantial pay gap, earning 20-25% less on average than their male counterparts.
Health and wellness
Women's health and wellness have also emerged among the key priorities for female consumers in recent years. Although the topic has long been overlooked, this has shifted with the growing diversity and inclusion movement, along with the overall focus on health as a life priority of the global population.
44% of female consumers sought new solutions to prevent or treat women's health issues
Source: Euromonitor Voice of the Consumer: Health and Nutrition Survey (fielded February 2023, n=8,411)
Women are diverse, and so are their health and wellness needs and preferences. Lifting the women's health taboo presents growth opportunities in areas such as menstrual care, menopausal health, and sexual wellness, first and foremost. Yet, there is also untapped market potential for innovation across the healthcare, pharma, beauty, wellness, feminine hygiene, and nutrition sectors.
How to win
- To effectively connect with female consumers, businesses should expand their value proposition by combining affordability with non-monetary values such as quality, sustainability, and authenticity.
- Businesses can enhance female inclusion and fairness by offering childcare options, implementing flexible work policies, integrating chore automation and smart home technologies, or providing consulting services for equitable pay assessment and design. Sponsoring such initiatives allows brands to position themselves as reliable and caring partners, tapping into a potential market of four billion clients.
- Meeting the health and wellness needs of underserved women requires a comprehensive strategy. This involves enhancing emotional resonance, implementing personalised health approaches that consider physical and psychological symptoms across different life stages and concerns, and adopting communication initiatives focused on women's health.
Read more about how to best serve cautious consumers in our article Prioritising Affordability and Value to Thrive amid the Rising Cost of Living. Explore more about women's health in an article Transforming Women's Health: Four Key Pillars of Empowerment. Watch our video to understand how to overcome some of the challenges in Women's Health.