CHICAGO, IL--(Marketwire - August 3, 2009) - Most women around the world are over-extended,
over-worked, over-stressed and under-served by consumer providers. They
want time leverage, more value and suppliers that specifically understand
them.
Those are key findings of a major, just-released global survey conducted by
The Boston Consulting Group (BCG) in conjunction with the upcoming
book,
"WOMEN WANT MORE: How to Capture Your Share of the World's
Largest, Fastest-Growing Market" (HarperBusiness, September 2009).
The survey demonstrates, and underscores the implications of, the fact that
women are driving $12 trillion in global spending today and will contribute
an incremental $5 trillion in earnings over the next five years.
The survey asked more than 12,000 women in 21 countries a battery of 120
questions. The results point out that demands on time are the number-one
challenge women face: There are now one billion working women, which helps
with survival in the global recession. In five years, the number will grow
to 1.2 billion women. Women say they need time for themselves, and they are
willing to pay for help and agents of leverage, according to the findings.
"The balance of power shifts as women earn more money and their incremental
earnings become critical for affluence. Working for women is not a choice.
They must work for their families to have success," said Michael J.
Silverstein, BCG senior partner and coauthor of
"WOMEN WANT MORE."
"But with work comes complications -- a full-time job at work and a
full-time job at home."
Women spend over 70 percent of consumer dollars worldwide, increasingly
define the entrepreneurial economy and will create 70 percent of the global
growth in income at the household level over the next five years, according
to BCG. They account for half of university students worldwide, and 57
percent of U.S. undergraduates.
"Companies can earn a privileged position by recognizing this phenomenon
and the outsized burden women shoulder -- and by responding with power and
certainty," said Kate Sayre, BCG partner and coauthor of
"WOMEN WANT
MORE."
Mr. Silverstein added, "Companies are failing to meet the needs of women in
five key ways: Poor product design and customization for women; clumsy
sales and marketing; inability to address the need for time-saving
solutions; inability to provide a meaningful hook and differentiation, and
failure to develop community."
Women Carry an Outsized Burden
According to the BCG survey, women assume responsibility for most key
facets of home life: The demands and responsibilities are formidable...
- As of 2006, 70.9 percent of mothers in the U.S. were in the labor
force, and most (56 percent) had children under one year old.
- At the same time, women do most of the work at home, according to the
BCG worldwide survey.
- 88 percent say they have responsibility for grocery shopping.
- 85 percent have responsibility for meal preparation.
- 84 percent have responsibility for laundry.
- 84 percent have responsibility for cleaning.
- And 77 percent have responsibility for household administration.
In Fact, Women Are Increasingly at the Economic Center
Women control, and increasingly make, the money...
- Between 2002 and 2007, women's income (globally) increased by nearly $3
trillion to $9.8 trillion. By 2014, women's income will jump by $5 trillion
to $15.6 trillion.
- In the U.S. and E.U., most college students (57 percent and 55 percent,
respectively) are women. Worldwide, almost half (49 percent) of college
students are women.
- Women own or co-own 40 percent of U.S. businesses. Solely women-owned
businesses are growing at twice the rate of all U.S. firms (and faster than
male-owned businesses).
- Most important, globally, women control nearly $12 trillion of the
overall $18.4 trillion in consumer spending. By 2014, women will control
$15 trillion.
- In the top 20 markets, women control $10 trillion of $15.3 trillion in
consumer spending.
- By 2028, women will control nearly three-quarters (72 percent) of
consumer spending worldwide.
The Upshot: Women Around the World Are Stressed
The survey revealed significant stress among women as a result of time and
money issues...
- 48 percent of women say they feel pressure related to managing
household finances -- and that it's the major point of stress in their
lives.
- 81 percent don't think they're saving enough for retirement.
- 73 percent are concerned that they don't consistently save.
- 41 percent save less than they'd like.
- Nearly half of all women (47 percent) said the big stress in their life
is the demand on their time.
- 45 percent said they don't have "enough time for me."
- 38 percent say "conflicting priorities" cause stress.
Compounding the Pressure: Great Expectations of Themselves
Said Mr. Silverstein, "High standards and expectations of themselves, plus
responsibilities for nutrition, education, home hygiene, clothing and
healthcare are the primary sources of stress. Life is a pressure cooker for
women. It's a case of high expectations, high demands and few agents of
relief."
- Only 25 percent of women say they believe they are extremely or very
attractive, according to the BCG survey.
- 25 percent say they rarely or never feel beautiful.
- 44 percent say they rarely or never feel powerful.
- 68 percent say they believe they're above their ideal body weight.
The Things that Make Women Happier Are Lofty
Said Ms. Sayre, "Our survey shows that women place a premium on life values
and have lofty goals."
- The values most important to women are: love (77 percent); health (58
percent); honesty (51 percent) and emotional well-being (48 percent).
- The things that make women extremely happy are: pets (42 percent); sex
(27 percent) and food (19 percent). Only 5 percent cited shopping, and only
2 percent cited the economy.
Given the Responsibilities, Pressures and Frustrations, It's Critical
for Consumer-Facing Companies to Understand What Women Really Want More
of...
According to the BCG research, women want more...
- Love and connection -- lasting, romantic relationships; happy, healthy
families; connections with friends, colleagues and neighbors.
- Fulfillment -- freedom to pursue happiness and satisfaction.
- Time and work-life balance -- the ability to "make it all happen" and
make the right trade-offs and tough decisions.
- Money as a marker, not for its own sake, but for better control of
inflow and outflow, and guidance on spending and saving wisely.
The Call to Action for Companies
Said Mr. Silverstein, "Since consumer companies can't deliver love,
fulfillment and time per se, they must provide products and agents of
leverage and savings that mitigate challenges and respond to women's
desires and stresses on emotional, technical and functional levels."
Women Are Very Disappointed with a Range of Consumer Categories
While certain companies in such industries as beauty, clothing and food are
successfully tapping into women and their needs, others continue to fail
miserably...
- According to the BCG survey, women are especially disappointed in the
investment industry: 49 percent of women said investment companies need to
do a much better job of understanding and meeting their needs.
- 48 percent of women are disappointed with the auto industry and
cars.
- 47 percent are disappointed with banks; 45 percent with life insurance;
42 percent with physicians and 39 percent with car insurance.
Governments Take Note: A Lesson from Sweden
The survey compares happiness and satisfaction across countries. Sweden
stands out as ideal -- with access to education, quality of healthcare,
availability of daycare and paid parental leave as major contributors.
"If the United States offered the same level of access to education, health
care and family support as Sweden, women would earn more over their lives
and have more years of employment," Ms. Sayre said.
To receive an advance copy of
"WOMEN WANT MORE: How to Capture Your
Share of the World's Largest, Fastest-Growing Market"
(HarperBusiness, September 8, 2009) and supporting materials, or to
schedule a conversation with Michael Silverstein or Kate Sayre, please
contact Adria Greenberg at Sommerfield Communications, Inc. (212) 255-8386
or
adria@sommerfield.com.
Survey Methodology
The authors created a detailed battery of multiple choice and open-ended
questions. This questionnaire was completed by over 12,000 women in 21
countries. The questionnaire asked women to describe their work and home
life, their earnings and household earnings, to describe division of chores
at home, to list spend and dissatisfaction by category of purchase, and to
answer a series of questions on time, happiness, and sources of
frustration. Survey results were compiled by country, by age and income, by
cluster of countries, and by religion/national origin. Individual
participants spent one to two hours filling out the survey. Over 10,000
pages of verbatim responses on the open-ended questions were compiled. A
shorter version of the questionnaire is available online at
www.womenspeakworldwide.com and will be used by book readers.
About the Authors
Michael J. Silverstein is a Chicago-based senior partner and member
of the Executive Committee at The Boston Consulting Group (BCG). He ran
BCG's global consumer practice for eight years and actively serves clients
in retail and consumer packaged goods. He is an expert in understanding and
responding to consumer needs and dissatisfactions and helping large
consumer companies grow. He is coauthor of the 2003 bestseller titled
"Trading Up: The New American Luxury," as well as "Treasure Hunt: Inside
the Mind of the New Consumer."
Kate Sayre is a partner at The Boston Consulting Group (BCG) and
leads the consumer goods and retail practice in the New York office. She
heads the firm's global efforts on marketing effectiveness.
About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting firm
and the world's leading advisor on business strategy. BCG works with
clients in all sectors and regions to identify their highest-value
opportunities, address their most critical challenges, and help grow profit
and value. BCG's customized approach combines deep insight into the
dynamics of companies and markets with close collaboration at all levels of
the client organization. This ensures that clients achieve sustainable
competitive advantage, build more capable organizations, and secure lasting
results. Founded in 1963, BCG is a private company with 66 offices in 38
countries. For more information, please visit
www.bcg.com.
Contact Information: Contact:
Adria Greenberg
Sommerfield Communications, Inc.
212-255-8386
adria@sommerfield.com