The buying power of women is on the rise
Posted on May 09, 2018 by anstice communicationsBy Sheenah Rogers-Pfeiffer, Founder and Chief Strategist“Girl Power” is a prevailing trend that has been identified and tracked over the past decade. But never before have we seen such a dramatic transition towards, or realization of, the power of the female population.I remember uncovering development trends for a local master-planned community back in 2009/2010. A key finding was that single women were more likely to purchase a home than single men, and women in their 20s were earning 20% more than men in their 20s.This was almost 10 years ago, but only now is there a prominent conversation around the power of female spending—due, in part, to the Hollywood-sparked conversation around female equality and justice. At Anstice, we recognized the trend towards female spending power years ago and took it seriously. This is why, in 2017, we launched a new division coined “FX” – Female Consumer Experience Insights.FX provides a specific offering that uncovers and focuses on the female mindset and, more importantly, the emotional motivators that trigger a woman to make a decision or solve a problem.Why? Speaker, author, and entrepreneurDanielle Kayembeeloquently rationalizes it:“I suspect there will be a greater scrutiny and dissatisfaction of products and services. Consumers could develop a preference for female-designed products, and female audiences may be less willing to engage with branding and messaging that is not authentically crafted with female-driven insights.As advertising rarely reflects women’s perspectives or needs, women have learned to rely on the recommendations of other women. Women have formed their own networks where they share product referrals to understand the efficacy and fit of a product before buying. This also accounts for the very different behaviours of men and women online.Women share and refer content 62% more than men; and use social networking to form communities, while men prefer content oriented sites that can increase their status. The implications of this are profound for new product adoption rates, because women operate asorganic evangelists. As women find new products that they like the word will spread quickly, translating into faster uptake and adoption by other women.”Without sounding biased, it takes a woman to know a woman. The requirement to place women in senior positions within agencies, research firms, and businesses is not a joke. We’ve already witnessed a transition from the stereotypical suited-up male CEO to the sneaker-clad, high-school educated. We are about to see this CEO seat again reflect a new “type”—and I can’t wait.Sheenah Rogers-Pfeiffer is Founder and Chief Strategist at Anstice Communications, Canada’s leading boutique agency specializing in meaningful disruption strategies and FX.Follow Anstice on Facebook, Instagram, Twitter, and LinkedIn.