The Los Angeles Times recently printed an interesting
review of two books exploring the growing spending power of women, and what retailers can do to harness that power. The first is
Why She Buys, a lighthearted yet informative look at female spending habits by Bridget Brennan, leader of Female Factor Corp., a consulting firm in Chicago. And, for the more numerically inclined,
Women Want More, by the Boston Consulting Group's Michael J. Silverstein and Kate Sayre, examines the wants and needs of the female shopper, using data from 12,000 women in 21 nations.
Women dominate the majority of U.S. consumer purchases (about 72 percent), and their spending power is only set to increase over time, according to
The L.A. Times. That means, if retailers are looking for economic recovery, they're going to have to please the ladies.
Why She Buys details the thinking process of the female shopper. For example, the book opens with a scene at a car dealership, where a wife begins to steer her husband away from a BMW because she doesn't like the cup holders. The sale might have been saved if not for a flippant salesman, who poo-poos her beverage-holding concerns.
Why She Buys also includes a number of success stories—the Lexus dealership that won female clients with free car washes—in addition to tips on how to sell to women, such as making eye contact and not interrupting.
Women Want More explains the growing importance of female shoppers, using case studies to define general trends about what's important to women, what makes them happy. Because the economy needs happy women—global female earnings are predicted to rise from $12,000 billion to $18,000 billion in 2013. Meanwhile, the earnings gap between men and women is closing, as the education rate of women is growing faster than that of men.
Some companies are already tuned in to the significance of female customers. The book mentions how higher-ups at Protect & Gamble, Wal-Mart, and Tesco refer to their general customers as "she." Other women-friendly changes include the IKEA day care center, Best Buy's recent push to increase female employees, and Home Depot's new line of Martha Stewart products.
You can also check out
Why She Buys and
Women Want More on Amazon.
Are you surprised that women control so much of the country's spending? What do you think the female shopper wants?
Comments (4)
Not surprised at all...
fashion designers make most of their lines for women
It's a lot funner too because there are so many variations
No. It has always been this way. Women do the majority of the shopping.
The female shopper wants more for less. :o
Discounts, coupons, and clearance sales please!
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