I joined after a mid-morning arrival on Eurostar to hear John Jackson and Bridget Brennan of Accenture speak on gender psychology. It was an interactive ‘breakout’ session with 184 attendees (about two thirds male). 47% of those voting were aged 35-45, but, as Bridget pointed out, the big question now is how to market to the over 55s (the baby boomers who will still feel they’re middle aged at 60).
“Consumers are changing, demanding, complex and harder to reach than ever before, despite great strides in communication via the internet,” said Jackson and Brennan. “However, household income has risen because more women are working, giving us a huge increase in our standard of living since the early 1970s.”
There are 737m people aged over 60 globally – 22% of the total. So, winning with the over 50s is crucial. It’s time to end the “youth blindness”, said Brennan.
“By 2012, 50% of the global population will live in an urban environment,” she added, “and no matter how many diet products are introduced, the rate of obesity is still rising. The fashion industry is having to make boots wider, handbag straps longer, and the furniture and aviation industries are having to make seats wider and stronger.”
Bridget Brennan went on to look at emerging markets, comparing two Indian women: one a rural housewife with better education and a smaller family, who often works outside the home and is respected, even by her grown working sons, when it comes to purchases. The other being a career-minded graduate who can spend her own money to satisfy her desires and for whom shopping is entertainment. Her friends are of equal importance to family when it comes to being swayed over purchases.
In contrast, on a global basis, the male species is known to be primarily a ‘Grab and Go’ shopper with immense brand loyalty. But this is changing, with more now being raised by single mothers and taught to enjoy grooming and dressing for fun.
In China, a shocking $320m is spent by Chinese working mothers on their single child. That’s 50% of their family income, with just 20% being spent on the husband. That’s more than is spent by the entire population of the US.
The high performers are investing heavily in analytics, according to Brennan. “Integrating business intelligence is crucial to business success.”
A few last minute figures:
Claire Phoenix is managing editor of Beverage Innovation magazine. Subscribe here.
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