With a significant rise in women's consumer spending, businesses across industries are turning toward AI-enabled solutions to better understand female clients, says Frost & Sullivan
SAN ANTONIO, June 29, 2022 /PRNewswire/ -- The increasing economic power of women worldwide encourages investors across sectors to adopt a growth strategy that focuses on women as consumers, finds Frost & Sullivan's recent analysis, Nine Mega Trends Leading the Sheconomy. Women's shift in consumption and spending patterns with the rise in their income will create immense potential for online retail, large-format convenience stores, and doorstep services. Also, global female income is expected to reach $29.3 trillion annually by 2026, up from $23.2 trillion in 2020.
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"In the next five years, female consumer spending will grow significantly, creating opportunities across sectors. As more women rise in corporate or business, they will need efficient financial services that cater exclusively to their needs," said Vinay Venkatesan, Global Research Manager for TechVision at Frost & Sullivan. "This trend in the Sheconomy will compel industries such as retail, finance, and automotive to deploy artificial intelligence (AI)-enabled services to cater to the unique needs of growing women professionals."
Venkatesan added: "As 80 million more women are expected to join the global labor force by 2030, females on company boards will create a new wave of both corporate and retail consumers. Additionally, organizations need to have women-oriented business models to target them as professionals and customers."
To tap into the female-powered economic growth prospects:
- Financial organizations should invest in developing a women-oriented bank that offers financial solutions and client support to help make the right financial decisions.
- Companies need to collaborate with start-ups to design personalized digital health solutions for female health issues, focusing on information, diagnoses, and treatments.
- Retailers should integrate gender intelligence to create a shopping environment that's more appealing to female consumers.
Nine Mega Trends Leading the Sheconomy is the latest addition to Frost & Sullivan's TechVision research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Nine Mega Trends Leading the Sheconomy
SOURCE Frost & Sullivan