WUNRN
SOURCE: The
August 03, 2009
Largest Global Survey of Women Finds That No Matter Where They Live, Women Are Over-Worked, Over-Extended, Over-Stressed and Under-Served by Businesses
Emerging $5 Trillion
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
"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...
In Fact, Women Are
Increasingly at the Economic Center
Women control, and
increasingly make, the money...
The Upshot: Women Around the
World Are Stressed
The survey revealed
significant stress among women as a result of time and money issues...
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."
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."
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...
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
While certain companies in
such industries as beauty, clothing and food are successfully tapping into
women and their needs, others continue to fail miserably...
Governments Take Note: A
Lesson from
The survey compares happiness
and satisfaction across countries.
"If the
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
About The
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.
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