Womenomics: Economic Growth and the Female Consumer

Womenomics: Economic Growth and the Female Consumer

The Womenomics conference has been created to outline and explore the growth potential of the female economy. Not only are women often underrepresented in the labour market, but research shows that the gender imbalance in top leadership roles weakens the bottom line, while also impeding innovative thinking, and diversity of thought.

Diversity is not only the right thing to do, it also makes smart business sense, with women representing enormous economic potential as leaders, innovators and consumers.

When we talk about diversity, this leadership pipeline is often the place where all energy and research is focussed, but Womenomics has been created to take a more holistic approach to the concept of the female economy. Along with panels and debates regarding D&I, we also look beyond the corporate sphere to the purchasing power and wealth of the female consumer, which is often underestimated.

In 2019, for example, we heard from Cecilie Westh, the Managing Director of consumer insight company, Nielsen. Who shared the data they have gathered in their 95 years of operation behind consumer behaviour, which shows that the female consumer is becoming more and more powerful.

Women are now accountable for $39.6 trillion of the world’s wealth, up 25% from 5 years ago, and by 2028 it is forecast by Boston Consulting Group that women will control 75% of discretionary spending.

Westh advices that not only are women responsible for over 70% of basic household expenses (FMCG), but their spending on luxury items, is also increasing at a fast rate than the male consumer. As such, all companies should be investing in further understanding this dominant consumer segment, and matching their leadership teams to the consumers they are appealing to.

With increased spending power, comes increased wealth, and one industry responding to this is the financial sector, where technological disruption is already shaking up what used to be considered a permanent institution. We gathered top industry experts: Carsten Borring, AVP at NASDAQ, Sinne Backs Conan, Executive Director European Affairs at Finance Denmark and Mads Skovlund Pedersen, Head of Personal Banking Denmark at Nordea for a panel facilitated by Claer Barrett, Personal Finance Editor of the Financial Times.

The conversation focussed on sustainability and ‘ESG’s, and how banks and investors are increasingly focussing on ethical practices, and how this sustainable revolution is matched by a digital revolution, as cards are replaced by phones and banking moved online.

These trends also indicate an industry catering more and more to its female customers, and especially adapting their wealth management, as women are proven to save far more than their male counterparts, but invest far less of it, while also looking for more sustainable funds.

With booming independent wealth, it is not only banks, but also retailers, investors, insurers, pension funds and beyond, that must adapt to meet the needs of the female consumer.

Womenomics 2019 - Save The Date

Womenomics 2019 – Save The Date

Womenomics Nordic Business Conference 2019

21st May 2019, Tivoli Concert Hall, Denmark

“How Balanced Leadership and the Female Economy will Shape the Digital Future”

 

The business case for gender parity

Diversity improves talent pipelines, strengthens market development and builds an enabling investment climate. By considering the full scope of the business case for diversity, companies can unlock opportunities for increased profit, growth and innovation. The Womenomics Nordic Business Conference 2019 will look at what this means in term of urgent business needs, with insights from CEOs and experts leading the way.

Future trends and attracting the next generation of talents

Engaging millennials should be a priority for all companies seeking to acquire, and thus develop, future top leaders. And at the same time, traditional work environments are being replaced with flexible work hours, a focus on adaptability and technology. What will the workplace of the future look like? And how can companies appeal to the next generation?

The digital dimension of tomorrow’s consumer and augmented retailing

The ripple effects of the fourth industrial revolution will spread far beyond the limits of our imagination, but one area where we are seeing major transformation already is the retail sector. Online sites, influencer marketing and even augmented retailing are changing the way we shop, and appeal to consumers, forever.

Womenomics in the financial sector

The market opportunities are substantial for the companies that will communicate intelligently with the current and next generation of female customers, given the great influence women have over purchase decisions, and booming female financial independence meaning in 2018 global spending by women will reach $18 trillion.