The economic power of women has been growing steadily in many countries over the last few decades, and China is no exception. This growth is set to increase exponentially as the younger generation of professional women move up the career ladder into more managerial roles. In fact, according to BCG Perspectives, female earnings in China are set to grow from $1.3 trillion in 2010 to a whopping $4 trillion by 2020.
If you are looking to market your products or services in China, you would do well to pay attention to the growing power of female consumers, and tailor your Chinese marketing strategy accordingly. International Women’s Day, held on March 8 this year, is just one marketing opportunity that is well worth considering.
The rise of women in China
While many of us still harbour stereotypical images of Chinese women as subservient and docile, this perception is out of date and very unlike the reality for many women in China today.
A large percentage of Chinese women now contribute as much household income as men, and many are educated and working in professional jobs. When it comes to spending, Chinese women will generally choose products that are perceived as being high quality and likely to last a long time, and they aren’t afraid to pay more for this.
What do women in China really want?
Understanding the wants and needs of working women in China is integral to any successful marketing strategy. According to BCG, working women in China enjoy a stronger feeling of job and financial security than their American or Australian counterparts.
There are some areas where Chinese women are dissatisfied according to BCG, and these include their physical appearance. They often prefer Western brands when it comes to beauty products and other consumer goods, which means Australian businesses have an advantage when marketing to them.
Another important factor to think about when marketing to Chinese women is the maternal instinct. Family is very important to Chinese women and it’s common for Chinese women to spend up to 30-40% of their household income on their children.
Luxury goods are another area we are likely to see increase in demand as the average working woman’s income increase. High-end skincare products, cars and cosmetics are looking to be big among Chinese women and provide a great opportunity for brands to grow their Chinese market share.
Women in China continuing to spend up
While consumers in the US and other Western countries are starting to cut back on spending thanks to concerns and insecurity about the future, women in China are confident and continue to spend at ever increasing levels.
This provides many opportunities for marketers to expand their reach by meeting the rapidly growing needs of female Chinese consumers.