Global female income will reach US$24 trillion this year: Frost & Sullivan

The female economy globally will become larger than the economy of some of the world’s biggest nations in the next five years, Frost & Sullivan said on Friday. The statistics, drawn from the firm’s research on global megatrends for the next decade and released in honor of International Women’s Day, indicate that this year alone, women’s income around the world will total US$24 trillion, up from US$20 trillion in 2018.

Also this year, women are expected to account for US$43 trillion of global consumer spending, and companies owned by women will represent over 40 percent of registered businesses worldwide. This proportion does not even account for the millions of women who run unregistered microbusinesses in developing economies, and who would doubtlessly tip the scale still further.

The numbers will only continue to increase over the coming decade, according to the research. By 2030, Frost & Sullivan estimates that there will be 100 million more working women in the global economy, with the Asia Pacific region having the largest female workforce and millennials representing the largest segment of that workforce. This will add up to an average labor participation rate of over 40 percent, potentially reducing the gender gap by up to 25 percent by 2025.

Archana Vidyasekar, the global research director of Frost & Sullivan’s visionary innovation group, said that as women gain more economic power, product design and marketing will evolve to meet their needs better.

"An interesting trend to note is the change in gender strategies, moving from being women-centric to more gender-neutral,” she said. “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."

In that respect, consumer products, at least, may finally be moving beyond the rigidly gendered and stereotyped approach that has long plagued retail shelves around the world, and perhaps towards greater equality in design, marketing, and pricing.