Have we underestimated the female consumer?

The Female Consumer

What do you currently think is the latest growing economic force in the world? Or actually, should I say who, as the answer is women.

According to a report by BCCG - Opportunities for Action, today, one billion women participate in the global workforce - a number which is predicted to grow to 1.2 billion over the next five years. Not only that, but the percentage of female senior executives, business owners, and entrepreneurs who are accumulating sizable assets and wealth is rising significantly.

Yet, the earning power of women globally is expected to reach US$18 trillion by 2014 - a US$5 trillion rise for current income, according to World Bank estimates. That is more than twice the estimated 2014 GDP of China and India combined.

And add to that the fact that women account for 57 percent of students in higher education worldwide, so why are only 38 of the top 400 companies run by women?

Are men still being chosen in favour of women? And why are women on average only earning 77 cents for every dollar men do? Where's the equality that has for so long been sought?

For women, the worst offender is the financial services industry. The BCG survey of 12,000 women in 40 regions around the world found that financial services - such as providing ibanking, investment and insurance products and advice - are worst at connecting with female consumers.

But do they realise they're actually alienating the greatest growing spending bloc on the planet?

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