Women control nearly $32T in spending, but brands still miss the mark

What you probably already know: In 2024, women controlled an estimated $31.8 trillion in global spending and influenced up to 80% of all consumer purchasing decisions, according to Nielsen. Their buying power is only expected to accelerate with each passing year, controlling an estimated 75% of discretionary spending (especially in sports and consumer products) by 2029. Even though women now shape global market trends, companies that try to reach female consumers often use outdated, stereotypical approaches that miss the mark. Nearly half of women don’t feel understood by brands, according to NielsenIQ. A new report by Wasserman’s women-focused practice, The Collective, offers insights into modern female consumers and why reaching them hinges on understanding their identities and values.

Why? By using data collected from more than 8,700 women ages 18 to 65 across 10 countries, the report examines how women live, lead, shop, and shape the sports and brand landscape. Millennials currently lead global spending at $15 trillion, and Gen Z is expected to drive the most growth over the next decade. The report found that younger women feel better represented by brands, but the sense of understanding declines with age. An overwhelming majority of women said family needs influence their purchasing choices, but they are increasingly looking for brands that also recognize their individuality. Seeing brands go beyond marketing slogans and take action on social causes is important to 87% of women, and 79% of women said they would rather be recognized for their kindness, generosity, and positive impact than for ambition or achievement.

What it means: Brands are missing opportunities to connect with older women — a group that is largely in charge of major household and financial decisions — and women with families who want to be seen as individuals with personal goals. Earning the trust and loyalty of female consumers requires companies to focus on diversity, community partnerships, and fair wages. Modern female consumers define themselves more by their impact and prioritize their passions, values, caregiving responsibilities, and education, and less by their race, gender, religion, economic status, or career, according to the report. This boils down to a consumer who is looking for authentic, honest brands that embrace diversity, act on social issues, and offer products that support their current life stage.

What happens next: A recent analysis by PBS shows that most daytime programs on PBS KIDS are reaching an equal number (or more) of women ages 18 to 49 as primetime cable networks, which could influence shifts in where corporate ad dollars, in the appropriate context, are spent. Connecting with women means meeting them where they’re at. Modern marketing needs to challenge taboos and focus more on building emotional connections with women to demonstrate they truly care about their lives.