Apart from Imran Khan, that is! Or George Clooney. Most women are smitten by IK, except the two Maryams (Aurangzeb and Nawaz). Women now comprehend him as a great reformer and leader. I shall go along with them, till history proves otherwise. But George Clooney? Thrice he has been chosen as the sexiest man in the world. Why? Has he discovered a new drug? Has he eliminated poverty? In fact, his wife, Amal Clooney, has more impressive credentials.
In the business of corporate world, women wield tremendous purchasing power. As consumers, they rank ahead of males in consumer decision-making in many sectors. I am not aware whether any survey has been done in Pakistan to establish or verify the impact of women consumers. The many market research agencies operating in Pakistan (Nielsen, IPSOS, Aftab Associates, etc.) have never produced any empirical evidence of this phenomenon. Even a sophisticated organization like OICCI (Overseas Chamber) has never undertaken such an exercise. As for FPCCI, they will have a hard time understanding what market research entails.
Research in the developed markets shows that women play an outsized role in many purchasing decisions, and a significant role in many sectors.
1. Childcare: Catering to children is big, big business. As living standards improve around the world, this business segment is exploding. Moms make virtually all the decisions about their children (below 10 years) consumption. From infant formula, diapers, feeding bottles, food, drink, early education, medical, etc. Research has shown that a mother's first priority is protecting and nourishing her children. Savvy marketing companies have cashed in on this - called "Emotional Marketing". Mothercare, the British company, grew hugely. Many companies around the world are "children centric". Coca-Cola wants to make a child brand conscious (coke) by age four. One of the most powerful companies in the world, Pearson, churn out educational material for the children - in 17 languages.
2. Kitchen Table: This is the largest business segment in the world. Currently valued at US$8 trillion (10% of the world's GDP). Women make 80% of the decisions. The business is micro and macro - from North Korea, across Asia, Africa, Europe, etc. In fact, it is one of the three business segments that covers the whole globe. At the macro level, we have companies like Cargill, Heinz, Campbells, Nestle, etc. I was amused when 10 years ago, Nestle launched a 'new' discovery - Bio-Yogurt, supported by a US$1 billion advertising campaign. Similar product "Dahi" has been selling in our markets for 2000 years.
3. Beauty products/fashion: Beauty products are already a huge market and growing exponentially. Women make 90% of the buying decisions. It is a natural instinct for women to look beautiful - from Afghanistan to Venezuela to Zimbabwe. Liliane Bettencourt of L'Oréal is the richest woman in Europe. So, in the fickle world of fashion - women make the majority of the consumer decisions.
Evidence suggests that the following industry segments are significantly influenced by women.
- Family medical care
- Vacations
- Purchase of consumer durables
- Automobiles and transportation
- House purchase and house furnishing
In the context of Pakistan, it would be interesting to learn the real facts. Perhaps some trade organization can undertake such a survey. However, a word of warning for the corporates - Don't mess around with the women consumers. They will destroy you - Look what's happening to Victoria's Secret - the lingerie company.
(The writer is the former Executive Director of the Management Association of Pakistan)
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