The Global Power of the Purse
Posted on | January 21, 2008 | No Comments
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by Fara Warner
American women have shown the world—especially the world of business—the power of our purses. We lead the world as the No. 1 consumers for everything from lattes at our local coffee bar to the products of global powerhouses such as Nike and Procter & Gamble.
We’ve also shown the rest of the world what happens when women become full-fledged participants in our country’s economy with access to education, business capital and political power.
Now we have a woman running for president and all eyes are on us—American women—again.
Over the next year, I’ll explore two major topics. First, where do women stand in America? Are we moving forward or backward in pay parity? Will we or won’t we vote for Hillary? How are smart marketers approaching us?
A quick aside, check out the new Volvo commercial for its sport utility. I caught it watching “Good Morning America†this morning. It shows a female cyclist powering her way up mountain passes as her family keeps her going—videotaping her ride and showing it immediately on the video screens in the car. The ad manages to show off all the options in the car, including a rear seat that folds flat so she can take a break or pile her bike and all her gear in the back, even as it makes a statement about the power of women today.
[youtube]http://www.youtube.com/watch?v=Mjeg2HLNIOo&feature=related[/youtube]
Does this ad reveal how much we’ve changed as consumers since I finished my book? For more information click on www.thepowerofthepurse.com. Or does it show that marketers are beginning to understand how to depict women—as mothers, wives, athletes—in more holistic ways even as they get their points across about their products? For Volvo, it was certainly a step forward from the brand’s concept car of a few years ago with its “ponytail holder†in the headrest.
But I’m also expanding my interests and research to explore the global power of the purse. I’ll be pursuing that topic in this blog and in speaking engagements this year as I pursue a new idea for a book.
Global businesses and developing countries in Asia to Africa to South America are tapping into the global power of women. This is a two-part story in my view. First, governments—particularly in developing countries—are recognizing that women can be a primary key to creating robust economies. Extensive research shows that educating a girl can lead directly to economic growth.
The other part of the story is how companies are tapping into the consumer power of women in countries such as China, India and Brazil. Indeed all around the world, companies are realizing that women—no surprise here—are the most important consumers in those countries as well. I’ll start in China next week—exploring how women have become major consumers for products as diverse as cars, financial products, real estate and home improvement.
I’ll look to you for ideas and suggestions—and hope to inspire all of us to catch the power in women’s purses around the world.
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