50+ Buying Power of Aussie Female Market
Whilst Australia chases the lucrative Asia markets, it is missing a huge opportunity at home? There is a global economy that could quite possibly exceed these emerging economies in terms of scale, the female economy.
According to recent edition of Ad News, “For years we have thrown around statistics such as women make 81% of purchase decisions. It’s not all shoes, sanitary products and handbags. Women play a greater role in areas that we’ve traditionally seen as secret men’s business, routinely making the decision when it comes to buying things like homes, cars and even large screen TVs.”
In the same article, it was noted that women are now dominating hardware purchases, mostly because we are tired of waiting for a generation of white-collar blokes with no practical skills to do those handy-man jobs around the house (hence we see a plethora of handy man businesses popping up everywhere-but that is the subject for another blog on another day).
Women, too, are particularly social shoppers, and I’m not just referring to the Saturday afternoon retail and shoe therapy sessions. Women are increasingly using social media and product forums to flex their consumer muscles and engage and exchange a dialogue with their friends, family and colleagues. But are there women in the marketing communications industry actually developing campaigns that are talking to us? That is also a separate issue to be discussed in another blog.
The point is, how often do you see a woman over 50 in ads advertising anything other than funeral insurance, pain relief for a range of bodily issues, or representing a political party or cause? And here are some interesting results from the Boston Consulting Group (BCG) in terms of the upcoming wealth of women in future years who state that women will dominate the wealth of the planet.
This is due to two key factors, one is they have careers, not just jobs, and whilst still being paid less than men, they still are bringing home the bacon. They also have a double windfall in that, in many cases, the men they are married to or partnered with are dying before they are.
According to BCG, it is estimated we will see the greatest transference of wealth in history to women, with some analysts estimating that by 2022, women will control two thirds of wealth on the entire planet.
If your business includes females aged 50+, are you capitalising on this lucrative market? Not only are they ‘Baby Boomers’, they can be coined ‘Spending Boomers’, and I am proudly one of them, so what have you got to entice my spending?Blog and tagged Hall of Fame Marketing Bendigo, Target Marketing