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Linda Scott is the Chair of the Department for Entrepreneurship and Innovation at the Saïd Business School, University of Oxford. Linda also has great recognition for being the creator of the concept The DoubleXEconomy, a perspective that addresses the global economy women in developed countries and the world development, and describes the role of women not only as consumers but as investors, donors and workers.
Linda explained to us that the fact that 80% of purchasing decisions are attributed to the female gender is originally based on data from the US market. Some studies claim that there have been slight changes in the trend but it has not substantially changed. This could be because there are more homes with unmarried people and same-sex couples.
But, what happens in Europe? According to the information gathered by the researcher, in those countries where data are available, the model is very similar to the US. In the case of Britain, for instance, women dominate in the field of household purchases, while men make more purchases considered “vices” (snuff, alcohol, etc).
Linda provided numerous graphs showing the differences in developed countries (United States, Germany, France and Japan) concering the presence in the labor market for women and men, estimated income ratios by gender as well as differences in the salaries earned by performing the same functions.
So far nothing we did not know, isn’t it? Perhaps the most interesting came when she began to show evidence of what women are demanding in terms of work, time and money in countries like China, India, Japan, Germany, etc. We found that Japanese women and Chinese say they are under constant pressure to meet their obligations. And that Indian women, followed by Chinese and English, would reject a professional promotion if it required work more hours.
When comparing the measures taken by men and women to fester over the budget, the graphic emphasized the use of “Daily deal sites” (websites daily promotions), coupons, promotional codes or loyalty points by women. However, the only measure in which the data of man outnumbered women was those regarding changing the service provider.
Linda also introduced us other comparatives learned from The Austerity Index, Index Austerity, by JWT in 2014. Thus, we found that men and women do not have the same perception about the cost of living. While men say that the yearly budget a person needs to take “a good life” would be 28,369 euros, for women this figure would be higher, reaching up to 30,850 euros.
It’s worth checking out this report for it takes a comprehensive look at how British society is experiencing these years of recession regarding consumption with a particular emphasis on gender differences.
As far as the future is concerned, Linda gave us the following guidelines:
– Women’s consumption a function of care
– Not purely a matter of female salary (command over male salary)
– Trends in care will affect women’s consumption
– However, care trends will also affect ability to work
The fertility rate was another point that Linda included in her presentation because it is a parameter that directly affects consumption. The data showed that Europe presents the lowest fertility rates together with the countries of Southeast Asia.
With the exception of France, which has a higher fertility rate, other European countries show graphs in which the bulk of the population is made up of adults aged between 45 and 65 years.
From this fact, Linda focused on talking about what kind of purchasing will make women in the coming years (women who are in this age group and who may have children and parents in charge). Does it make sense to speak of luxurious vacations or expensive watches ?, she wondered.
And to finish: What shal we sell to her?
As Linda sentenced, success will be for those brands that offer solutions to make life easier for this segment of the population.