This Women's Day, it's Time to Pamper Yourself!
The global incomes of women are predicted to reach a staggering USD 18 trillion by 2018 and hence becoming the nucleus of the world economy
Celebrated across the world on March 8, International Women’s Day serves as a focal point in the movement of women’s rights. The day celebrates womanhood and what better way than to pamper them and make them feel special and loved.
This day is also a great time for many brands to hop on and reach out to women, by offering them heavy discounts on retail and food, special vouchers and run contests. Women now represent the largest market opportunity in the world. Women are fast becoming prominent creators of wealth and it is expected that they will control 75per cent of all household spending by 2028.
In The Professional World
Women are now graduating with degrees, and more are entering the workforce. Not only are women earning as they scale professional and corporate ladders, but are also setting up businesses at a faster rate than men. 1/3rd of businesses in the world are owned by women.
Power to Spend
This financial independence, coupled with the emergence of nuclear families and the digital revolution has liberated women from the traditional restrictions, giving them the opportunity to recalibrate their lives. Women are constantly seeking more from every aspect of their lives, and are taking a breather to focus and spend on their own leisure, giving rise to ‘Leisure Consciousness’.
In terms of consumer spending, women drive 70-80 per cent, through a combination of their buying power and influence. The global incomes of women are predicted to reach a staggering USD 18 trillion by 2018. While millennial women account for USD 7 trillion in their spending capacity and influence 85 per cent of all consumer purchases, they are also a generation that chooses to live life differently. Things no longer matter, but fulfilling experiences do.
Female consumers are becoming increasingly conscious of the importance of leisure on their well-being, and are willing to make room in their budget for it. Women are spending more on beauty products, 13per cent on foundation and 18per cent on concealer, with 35per cent women using more than five makeup products on a daily basis. Around 80per cent of women uses three skincare products every day.
Investing in their own leisure has been possible for women as today nuclear households have gained the forefront. Around 15.6 per cent of the overall urban household in the country are single-people or two-people units. The number has increased by 70 per cent in the last 10 years. The proportion of nuclear households has risen during the last two decades and will only rise to 74 per cent by 2025. This shift is significant as nuclear families will be spending 20 per cent to 30 per cent more per capita than joint families.
This shift can be witnessed in the purchasing pattern by women. It has been witnessed that 94per cent women make the decision when purchasing home furniture, 92 per cent on planning vacations, 91per cent homes, 60per cent automobiles and 51per cent consumer electronics.
Their independence in making choices and purchases have also seen a remarkable rise in the loan/financial segment. Women are increasingly taking loans to indulge in their leisure and pamper themselves with the best.
A study has found that 72 per cent of millennial women prefer to spend on experiences than on material things. This preference for experiential spending catalyzed a tide of retail disruption. The millennial woman is increasingly making time to travel and self-indulge. 73 per cent of travel agents noted that more female travellers embark on ‘solo trips’ than their male counterparts. One in four women have also participated in a ‘girlfriend’s getaway’ and 93per cent plan to do so at least once in the next 3 years.
The travel loan category has been growing significantly over the last few years, accounting for 12 per cent to 20per cent of the total lending portfolio. Loans enable them to a better overall experience – hotels and more cash for shopping. Nowadays, short weekend getaways on loans too, have become big.
This has been made possible by the growing internet penetration in the country that is empowering every consumer with a community that supports the belief in the development of the ‘whole self’, thereby acting as a driver of self-indulgence. With an internet user base of 234 million, 71 per cent of social media users are women and 78per cent of them use the internet for product information. Social media marketing is also becoming an important tool to influence the purchase decision for women and engage them.
With 99per cent of online shopping being done, 50 per cent women say that a brand’s latest offering is a top reason to follow them on social media sites. About 92 per cent of women pass along information about deals or online recommendations to their friends. The women in the millennial generation have a plethora of choices in front of them. They are defining the culture with images of self-expression and are willing to flaunt this new wave of ‘Leisure Consciousness’.