Bangalore: Women have stormed traditional male bastions in the industry with big corporates now vying with each other to hire female heads of businesses. More and more women are joining the global workforce at every level and this means more disposable income in their hands. They have now emerged as the new target market.
It is estimated that 75 percent purchasing power will rest with women by the year 2028 as per E& Y.
Also,as per an IMRB study, 33 percent more women in India now have savings bank accounts compared to the data in 2001.The number of women credit card holders has also risen significantly over the last ten years, with one in 10 women owning a credit card in the surveyed group. This data stands in sharp contrast to the meager 4 percent women respondents who owned a credit card in 2001. The average monthly incomes, especially for the city dwelling women in India have seen a steady rise. The incomes of women working in cities rose from 4, 492 a month in 2001 to 9.457 in 2010 according to an IMRB report. This rise in income has lead to the emergence of a new confident, career driven woman who is not earning just for family savings but also in order to be able to spend more on her own personal needs. This new age woman now makes majority of the consumption decisions for the household and is equally fuelled by a desire for better living standards. When women shop, they shop for the whole family. This means greater spending. They spend more on consumer durables and non durables like food, clothes and healthcare products as compared to their male counterparts.
No wonder, companies have woken up to this growing market and now design their products and marketing strategies to lure this growing population of money savvy ,consumerist women who are willing to splurge. The automobile industry, especially the two- wheeler segment has latched on to this trend with many new offerings advertising the ease of handling and women celebrities endorsing them as a must have for the independent women.
The advertisements for big budget household consumer items like washing machines and refrigerators clearly see women as their target audience. Manufacturers realize that most purchase decisions for household utilities are influenced by women. Tapping into the women’s love for gold, banks offer gold purchase schemes to earning women. Credit cards especially designed around the spending patterns of women offer them high discounts for major purchases in brands which cater to women. Apparel industry which has scope for huge margins too has benefitted greatly with improving female financial capability. From moderately priced brands to high fashion designer apparel, the market is growing by leaps and bounds to satisfy the consumerist wave in the economically empowered women.