With more women in the work force, achieving better education and getting into higher paid careers the spending power and influence of women is stronger than ever before.
Women’s shopping patterns and ways are changing, resulting in mega shopping malls and 24 hour shopping online. The modern shopping customer wants good quality products, expects excellent customer service and will vote with her feet and money when she doesn’t get what she wants.
The generation of women who are the daughters and grand-daughters of the baby boomers is growing and are different to the previous generations with the shopping expectations and habits.
These women are accustomed to shopping in a range of places and ways from strip shopping locations to mega shopping malls to online stores and auction sites like eBay.
This generation of women see shopping as a pastime, as leisure rather than a daily chore for consumable grocery items. They spend their disposable income on fashion items such as clothes, jewelry, accessories and handbags as well as personal care products such as skin care and makeup.
Brand loyalty can be carried over from their mothers but they can change to products they find that meets their high expectations of quality and is competitively priced. Once the brand is settled on they don’t mind paying extra for the perceived quality, they’ll just comparative price shop both online and at the malls.
Waiting for sale and promotional times is also a common habit and these times are even written ahead in diaries so they don’t miss out. This means that the sales and promotions need to be well thought out by retailers to be the best perceived value of the modern shopping woman.
The women will research their shopping by talking to friends at online forums as well as out socially. They’ll read and explore to find out the information they need and they’ll share it with their friends. This word of mouth referral can make a huge difference to a business or a product and if a product is available at the same price at two different shops it will be the shop with the best customer service that wins the business.
The brand loyalty of this generation creates the opportunity for retailers to provide top quality merchandise with healthy margins for long term, repeat customers.
Keep in mind that these women are well educated and know what they want. This means they like to feel respected in conversations, will asset themselves comfortably and will not accept second rate treatment. They have little trust for traditional advertising and promotion and will reward clever and original marketing. These women generally have high disposable incomes, are well connected within their social group and use technology to communicate frequently. Retailers who treat these valuable customers as independent individuals and offer an exclusive feel to their environment will enjoy the prosperous results.
You can develop specific ranges within your business to meet these exclusive needs. I design a Limited Edition range of necklaces where there is only a set number of pieces handmade of a design so my treasured customers get something special and know they won’t find 5 other girls at a party with the same piece; while also getting lots of compliments for having something different and beautiful. I get to do what I love and keep designing so it is a win, win for all.
This modern generation of women are a powerful economic force in our society, especially as they can be amazingly loyal and frequently bring referral business to you. If you look after these women they will look after you.
All the best!
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