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The recession is having a great effect on female consumers, causing them more worry than men and forcing them to seek out cheaper products. However, the marketing industry is failing to recognise the importance of tailoring its messages to reach women. By Jo Roberts
Women are giving marketers a headache; one that will turn into a full-blown migraine unless brands learn how to communicate effectively to female shoppers during tough economic times.
It seems that when it comes to speaking to the female consumer, marketers are from Mars and women are from Venus. The recession is affecting the way females shop much more than men. According to research carried out by HPI, made available exclusively to Marketing Week, women are much more nervous about the recession.
As a result, they are ditching expensive branded goods and choosing cheaper alternatives. Marketers are failing to offer them convincing reasons to keep spending.
Terry Prue, senior partner at HPI, says the Crunchometer study reveals a double impact on marketers. Not only are women cutting their spending by more than men but, since they are also the biggest shoppers overall, the end impact on companies is greater. "I think it's because women are on the front line. They do tend to have a lower income and they make the most regular purchases," he adds.
Almost double the amount of women (28%), compared with men (15%), say they feel squeezed by the economic climate and more than half (51%) of females say they are buying more cheaper brands and shops' own-label products than they used to. Marketers need to take immediate action if they are to maintain customer loyalty.
Consumer goods company Unilever claims it is already aware of the dangers in failing...