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Women in Mature Economies Control Household Spending

by MarketingCharts staff
Women in Mature Economies Control Household Spending
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Women in Mature Economies Consume Household Goods
Women in mature economies have problems with population replacement, poverty and domestic violence, according to “Women Want More.” However, women in these countries participate fully in the education system, have long life expectancies, earn substantial incomes, and hold influential positions in business and government.

Statistics gathered by Boston Consulting Group show that women in these countries should represent major consumers of household goods, as they are responsible for the bulk of both household chores and spending. For example, women in the US control 73% of household spending and take responsibility for 91% of household tasks. Women in Germany shoulder 93% of household tasks.

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French women control a smaller 67% of household finances, and also may be less prone to spending as only 10% feel they will be able to save enough for retirement.

Women in Emerging Economies Gain Influence
Statistics collected by Boston Consulting Group about the state of women in several emerging economies suggests that women are gaining influence in these traditionally male-dominated societies. Chinese women only perform 77% of household responsibilities, although only 26% report feeling appreciated for their efforts. Chinese women also work slightly more than the global average.

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In India, jobs are a source of happiness for 79% of women, and money is a top five priority for 56% of women. Sex and money appeared on 84% of Russian women’s lists of top sources of happiness.

Looking ahead, Middle Eastern women are less stressed than women on average globally, but want more control over their finances, careers and future. And more than 80% of Brazilian women believe they will make economic, professional and educational gains in the coming decade.

Capturing $5T in Female Spending
A new “female economy” will drive $5 trillion in incremental global spending during the next several years, according to other findings of “Women Want More.” The book advises marketers that 1 billion women work worldwide, more than half of college students are women, and women control more than half of the wealth in the US.

About the Data: “Women Want More” is based on a 2008 global survey of 12,000 women with a wide range of incomes in 22 countries conducted by Boston Consulting Group.