Nearly 80% of all purchasing decisions are produced by women. Women make the option of which vacation 92% on the time, which bank account 89% from the time, in DIY 80%. Even the purchase of your household car is decided solely or mostly by women in 60% of instances. Women’s wealth continues to grow. Amongst 1970 and 1998 men’s median revenue rose by 0.6 % whilst women’s rose by 63%.
The significance of building goods and services that meet women’s demands cannot be overstated. When getting financial items and services, wealthy women have particular demands and concerns which are distinct to these of men. Understanding why and how women generate wealth, where they invest, and why is important to people that want to sell financial service items to this potentially large and poorly catered the group.
In 1998 the typical male millionaire in the UK was worth £2.7 m (US$5.42m) when the average female millionaire owned just £1.28 m (US$2.56m). By 2006, women had caught up significantly, using the average female millionaire worth £1.97 (US$3.94m) compared with £2.96 m (US$5.92m) for men.
The increase in female wealth has not been limited to developed countries. In 2006, the female paper tycoon Zhang Yin was listed by the Hunan Report as the wealthiest individual in China with an estimated US$3.4 bn.
So how are women generating this wealth? The traditional sources of wealth for women have been an inheritance from their parents or their deceased husbands or financial achieve in the divorce of a wealthy husband. Whilst these approaches for achieving wealth is nevertheless evident, an increasing quantity of women have made their wealth by way of their job or by way of the ownership of a company.
Whilst men’s key motivation for starting a small business is financial acquire, women tend …Read More