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Dubai's Capital Club hosts Business Lunch Forum - 'Women Want More'
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19 April 2011 |
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Capital Club Dubai, the region's premier private business club and a member of the ENSHAA group of companies recently hosted a business lunch forum for their members and guests, where two experts discussed their findings and theories on the increasing power and impact of women as both consumers and professionals. The event was moderated by Lucy Chow of The Elements Group, and sponsored by ZAFCO.
Dr. Sven-Olaf Vathje, Partner and Managing Director of The Boston Consulting Group (BCG)The Boston Consulting Group (BCG), started the forum with a number of insights into the attitudes and behavior of female consumers. Referring to 'Women Want More' - BCG's in-depth study of Women and Consumerism around the world - Vathje stressed that the female economy is replete with opportunities for companies to capture new consumers, increase market share and open new markets.
Globally, BCG estimates that over the next few years, women will have US$ 5 trillion in incremental earnings to spend. In the UAE alone, women control approximately AED 250 billion in household assets. Some of the wealth under female control is family wealth, but as female earning power grows stronger, the share of wealth accumulated from their own earned income will rise. Currently, women in the UAE have an annual income of AED 20 billion.
Vathje commented: "This presents an incredible opportunity, and few companies are realizing its full potential. In fact, our research shows that women are dissatisfied with the products and services available to them in many categories, especially financial services, health care and consumer durables. This is largely because companies misunderstand women's issues and fail to answer their needs. For instance, you can't just take something created for a man and make a female version of it. Such 'pink products' fail to recognize the challenging and multiple roles played by women today".
Vathje also noted the increasing power and presence of women in the workplace, highlighting key factors driving this trend: a preference for financial independence and stability as well as a desire to justify personal indulgence. BCG consumer research has shown that women in the Middle East often feel stressed and time crunched from the need to balance work, children and personal time.
"Simply put, women want simple and straightforward solutions, well communicated and with a compelling emotional benefit. As always, knowing your consumer is critical", Vathje concluded.
Samina Jafree, Director of Credit SuisseCredit SuisseLoading... in the Private Banking Division, introduced by Lucy Chow earlier as a woman who, 'epitomizes not only wanting more, but doing more', then took over from Vathje to share her views on what financial institutions need to do to increase brand and female employee loyalty.
'The finance industry is one that has been traditionally under-serving women', she said.
Gender finance means recognizing the social and psychological differences in men and women in making investment decisions. The fact that their access to the labour market is increasing, with more education and financial independence, women are becoming progressively more important as a client segment. This makes Financial Institutions focus on this market more proactively, said Jafree.
'Women used to think that finance was for men, but as they become more confident and knowledgeable about their wealth, they have gained more control over their financial wealth, said Jafree, attributing demographics such as life-expectancy and inheritance as further reasons that women are continuing to strengthen their financial status at work and at home.
Referring to the fact that women control almost a third of global wealth, a figure expected to rise, Jafree added, 'I think we all recognize that women are a very important segment for every industry. The question is how this reflects in everyday life.'
In line with Vathje's views on satisfying women as consumers, Jafree explained the ways in which women differ from men in the workplace and how these differences should be acknowledged and respected.
"Women are more risk averse than their male counterparts and tend to have a holistic approach or long-term focus when considering financial investments .Their views on finance are based on innate capital preservation. We are also likely to witness a significant rise in the emerging markets' contribution to growth of women wealth and believe that understanding the gender gap is crucial for businesses who want to benefit from this client segment.
Credit SuisseCredit SuisseLoading... regards 'Diversity and Inclusion' as an integral part of its strategy, to promote equal opportunities within the company. In definite favour of this scheme, Jafree stressed how 'important it is to have women in your organization'. Diversity and Inclusion recognizes women in the workforce helps drive innovation by bringing new perspectives.
Closing the forum, Capital Club CEO, Russell Matcham added good humouredly, 'With a membership of 95% men, we obviously have a lot to learn, but judging by the female turn out today, it looks like we've broken the glass ceiling.'
'The topic shared by the panel of 'Women Want More' is extremely enlightening. Having a forum to share, discuss and probe the various results from this extensive piece of work by Boston Consulting Group only highlights a growing desire in this region for valuable insights into the female purchasing role. Our point of view, as an ambitious, growing global organization, certainly shares the perspective that women play a significant role in shaping market demand - even in a stereotypically male dominated automotive market. We consciously are planning, marketing and building our future services to increase our share of this important segment.' said Mr Gopiraj KV, CEO, ZAFCO
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Source: beta.thehindu.com |
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