Rise of the S/He-conomy

Those who have not yet noticed their forward march so far, it is time to come out of the comfort zone and take a serious note of it. It is an established fact that women are the world’s most powerful consumers, and their impact on the global economy is growing every year.

The global incomes of women reached a staggering $18 trillion by 2018 and in 2028, women are expected to control three-quarters of the world’s discretionary spending.

It bodes well for the sector that wine & spirits companies have realised that female consumer is being increasingly seen as a growth market for brands, even for those which offer traditionally male-oriented products; industries such as automobiles, sports, technology and alcoholic beverages.

In response to the growing market of female alcoholic beverage drinkers, there has been a trend among bars to create more mixed drinks, which are made with simple gin or vodka-based mixes; which fall in between straight spirits and very complex cocktails.

Two spirits in a mixed drink is very strong and women drinkers, on an average, do not tend to purchase an expensive or a very strong drink. Many of them prefer drinks with lower alcohol content, says Kiran Patil, Director, Sales & Marketing, Vintage Wines Pvt. Ltd.

Prarrthona Pal Chowdhury, Business Head, TWG Tea, believes that it is really hard for people in India to accept that women drink alcoholic beverages. She goes on to observe that it is harder for them to digest the fact that there are many women in India who like to drink and have a good time. Drinking alcoholic beverages is not promoted in India, it is barely tolerated. Of course, buying alcoholic beverages in India is not without its share of taboo.

Prarrthona makes a pertinent observation. “In a country where ‘drinking’ remains a bad word, when I make a purchase decision on alcoholic beverages, I feel empowered twice over,” she adds.

Deepak Arora, CEO, Som Group of Companies,believes there is a clear link between alcohol and gender identity since both young and older women show off their personality by their choice of drink. The alcohol industry is aware of this fact and tries to incorporate it in their communication strategies, he states.

Overall, many industry insiders have observed that there is a strong perception that women as a market segment is influencing the marketing strategies of the spirits industry.