The female economy set to outpace the economies of several large countries in 5 years
Women will command more power both in the home and in the workplace amid a significant shift in financial and economic power.
That’s the finding of a new report from economic analysts Frost & Sullivan which calculates that female income is set to reach US$24 trillion in 2020, up from $20 trillion in 2018.
The study says that women are expected to control $43 trillion of global consumer spending through voluntary private consumption or an exchange of money for goods and services in 2020.
"The increasing economic power of women will result in a big transformation in product design and marketing. Women are expected to spend more than $40 trillion this year, ushering in the need for more focused user-centric strategies and products," said Archana Vidyasekar, Global Research Director, Visionary Innovation Group.
The expectation is that there will be 100 million more women in the global workforce by the end of this decade, driven by Asia Pacific.
Millennials will be the largest cohort of female workers by 2030 and the participation rate is expected to be 40%.
Additionally, female entrepreneurs will own 40% of registered businesses in 2020.
"An interesting trend to note is the change in gender strategies, moving from being women-centric to more gender-neutral. In many ways, this is the key to succeed with this segment. Women are not asking for exclusivity, they are looking for inclusivity—gender-neutral experiences that, unfortunately, are still lacking in many user experiences," added Vidyasekar.
