With more women entering the workforce, there will be a significant shift in financial and economic power toward women – in the household and in professional environments, according to a report by Frost & Sullivan, Global Mega Trends to 2030.
Among the report’s findings, global female income is expected to reach $24 trillion annually in 2020. This is an increase from $20 trillion in 2018.
“By 2030, women will change the workforce landscape with a more than 40 per cent average participation rate, eventually adding up to 100 million more working women to the global economy. This would bring down the gender gap in labor participation rates by 25 per cent by 2025,” says Frost & Sullivan.
The Asia-Pacific region will have the largest female workforce, with millennials representing the largest proportion of female laborers in 2030.
The report says women-owned companies will represent over 40 per cent of registered businesses worldwide in 2020.
Women looking for inclusivity
"The increasing economic power of women will result in a big transformation in product design and marketing. Women are expected to spend more than $40 trillion this year, ushering in the need for more focused user-centric strategies and products," said Archana Vidyasekar, Global Research Director, Visionary Innovation Group.
"An interesting trend to note is the change in gender strategies, moving from being women-centric to more gender-neutral. 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."