Women are a driving force in retail, influencing purchasing decisions in most industries. From fashion and beauty to wellness and beverage sales, women’s retail choices have a significant impact on the global market.
This is why it’s so important to keep an eye on the latest female consumer trends. And to figure out what factors are driving these trends, and how marketers can use these trends to find their audience.
Today we’re looking at the latest insights and data on female consumer trends, examining how women are shaping the market in three significant categories in 2023.
If sitcoms have told us anything, it's that women have always been deal-seekers. However, there is some truth to the old cliche. In fact, in 2023, inflation and economic uncertainty have female consumers looking harder for a way to save money than ever before.
Deals are more important than sustainable practices, for women. Women are slightly more likely to buy based on low prices over sustainability, while men feel the opposite.1 Both answers differed by about 5% on each side of the gender gap, so it’s still pretty close.
Women take more steps to save money than men. According to recent data, women are also more likely to use a wide variety of tactics to find a deal, including seeking low-price items, using coupons, and purchasing private-label products.1
Women drink to treat themselves, but they’re price-conscious. Women are more likely to seek an alcoholic beverage as an earned “reward” for hard work than men and are less likely to be interested in something that pairs with their meal. The same report reveals that women are more likely to grab drinks during happy hour or go out of their way to find a place with a daily deal or special.5
So, female shoppers in all retail categories are interested in and engaged by deals and special offers, they’re going further to find them, and they’re willing to tackle a price from every avenue available.
Time to load up on gin, folks. Women are influencing how alcohol is purchased in 2023, both in what they’re drinking and how they’re drinking.
Women are making vodka, gin, and white rum more popular. The consumption of white spirits is higher than ever: 40% of consumers are drinking white spirits regularly, with middle-aged women leading significantly in the white spirit category.2
Women are leading the growth of the wine industry. Women prefer wine more than men, with 27% of women being regular consumers with only 14% of men claiming the same.2 The wine industry is expected to grow at a rate of 6.8% from 2022 to 2030, reaching $115 billion by 2030.3
Premixed cocktails are surging in the marketplace, and you can thank women for that. Premixed cocktails have been biting into the beer and seltzer market for years, and will grab another billion in market share in 2023.4 Considering that women drink premixed cocktails three times more than men,2 we can see the source of this trend pretty clearly.
White spirit brands, winemakers, and companies packaging premixed cocktails all need to reach out to their female demographic (while providing an opportunity for specials and deals).
More than ever, women are turning to their phones and Google for beauty shopping.
It’s clear that women are driving significant changes in retail. In the beauty industry, for example, women are seeking out products that align with their values (sustainability and health, mainly) but still keeping an eye on price.
This one’s obvious, but let's get it out of the way: women use beauty and health products A LOT more than men. Women use fragrances, body-care products, and skincare products (especially facial skincare products) twice as often as men.6 Again, shocker. When it comes to cosmetics, women buy and use 5 times more than men.6
Women are concerned about what they’re putting on their skin. Current data shows that women are spending more time researching the ingredients and manufacturing/packaging practices of their personal care products.6 They want to know how their personal care products are made, if they’re safe, and are looking for companies that align with their own climate and waste concerns.
More women than ever are buying their beauty products online. Ecommerce beauty and personal care products have doubled since 2019, and are expected to make up a third of the entire cosmetic/beauty market by 2026.7
Combining the last two points, it seems like the beauty brands that have a strong online presence are ideally placed to succeed. Beauty products need to be transparent with their practices online, and they need to be available for trial and purchase.
Brands that prioritize the sustainability of their products are also more likely to capture the attention of female consumers and build loyalty, as long as they do it without a high price or iffy ingredients.
Ultimately, businesses that keep a weather eye on female consumer trends and respond to them with real, actionable strategies are more likely to succeed. By understanding the values and preferences of this powerful demographic, brands can build lasting relationships with women.
To learn more about centering women in your marketing, and to help reach them where they shop and live, reach out to Inspira Marketing today.