Kenya: Big Spending Aside, Women Can Also Boost Economic Growth

Over the years, economic empowerment of women has grown. Today, they control a large percentage of the world economy. According to a research by Frost & Sullivan, global female income was at $24 trillion in 2020.

As a market, the gender represents a large opportunity beyond even their income levels. The report by Frost & Sullivan further put the global female spending at $43 trillion. This is almost double their income level. The level of spending by women has over the years surpassed that of the economic powerhouses of China and India combined.

As such, smart businesses cannot ignore their contribution to the whole economy globally. In Africa, the female income and level of spending are considered to be growing much faster than in other parts of the world. As such, businesses need to pay more attention to the female in economic spheres.

Worldwide, women consumers drive the beauty, fitness, clothing, food, health care and financial services industries. At the household level, they are the key decision-makers. Their decisions influence almost every purchasing move.

Most of us have witnessed our mothers, sisters, wives making purchases for most household items from groceries to furniture. Women are also known to be influencing big-ticket purchases. They make decisions on schools, colleges, and buying of homes. It is for this reason that smart businesses must pay more attention to the increasing economic power of women. Businesses must be intentional about focusing their product development and marketing efforts on the female economy.