Sylvia Auton (pictured), CEO, IPC Media says: “We already know that this audience of 8.5 million women spends over £92 billion per annum on themselves on the UK high street. However, our research has now established that these women have control of the purse strings of the entire family, so this £92 billion only scratches the surface of their spending power.”
IPC Media is calling this new research the Family CEO, because it perfectly captures these women’s role as the family boss.
Building on the original insights revealed at the launch of the initiative in February, IPC Media has worked with YouGov and SPA Future Thinking to conduct extensive qualitative and quantitative research to gain an even deeper understanding of this group. Within the Family CEO, three new demographic segments are also identified.
Amanda Wigginton, director of Insight adds: “Through our research, we have discovered that the words GenerationYnot! use to describe themselves and their role at the centre of the family are also the words that appear on a CEO’s job description. Words like visionary, passionate, confident, knowledgeable and networker, all came up frequently amongst respondents, so we coined the term Family CEO to describe that role. But, just as not all company CEOs are the same, not all Family CEOs are the same and that’s why we have segmented Family CEO into three sub-groups; Luxury, Core and Savvy CEOs.”
According to IPC, the research showed:
• 39% of GenerationYnot! are Luxury CEOs. They have more time, more life experience and more disposable income. They are very socially active and therefore have a larger sphere of influence. They are the most confident of the segments.
• 46% are Core CEOs. They are at the heart of the growth economy. They have more freedom and responsibilities are shared with their partners. They want to have it all – kids, money, a career, a network of friends – and they like to be very busy.
• 15% are Savvy CEOs. They are smart operators, watching their cashflow, and influence every decision that comes out of their households. They are at the younger end of the GenerationYnot! spectrum and are more likely to be single.
Charlie Meredith, managing director, IPC Advertising, adds: “We’ve worked with 28 different clients from five categories and gauged the opinions of over 2000 women on 16 different topics, so this is the deepest programme of research I know into how these women see themselves today. They don’t identify themselves as housewives, yet this definition is still widely used by many planners.”
The research also revealed information about the shopping habits of GenerationYnot!, as well as their brand preferences and how they influence others.
Brand Flirt
GenerationYnot! are flirtatious with brands and are constantly looking for new brands to seduce them.
• 96% like to experiment when shopping
• 75% have favourite brands but don’t always buy them
• 94% like to try new things when it comes to food
• 81% like to try new technology
• 81% like to try new home interiors
• 79% like to try new clothes and fashion
• 74% like to try new beauty products
• 73% like to try new holidays
Decision maker
GenerationYnot! have more influence over purchasing decisions than their younger counterparts.
• 38% more likely to influence a car purchase
• 39% more likely than her younger counterpart to make decisions on large appliances
• 35% more likely than those under 40 to influence toiletries and cosmetics purchases
• 21% more likely to make the buying decision for her whole family for TVs and computers
• 62% are responsible for deciding how the household budget is spent
• 45% said that their partner would be lost without them to manage the household finances
Active influencer
The research also identified that they don’t soak up this information just for them, they also spread knowledge and recommendations, actively seeking to influence the decisions of others.
• 63% often find themselves giving advice to friends
• 68% say people trust them to give good advice and guidance
• 1 in 4 post comments about products online
• 74% say technology has changed the way they communicate
Shopping
GenerationYnot! are the financial controllers of the household and keep a close eye on their household finances. They seek to negotiate better deals, switch suppliers and compare prices whenever possible.
• 72% agreed with the statement “I’m a smart shopper”
• 80% like to shop around and get the best deals
• 58% use price comparison sites to get the best deals
• 81% look out for vouchers and take advantage of promotions
• 68% are prepared to pay more for something that lasts longer
• 67% would never compromise on some products and brands
Planning ahead
GenerationYnot! are inspired well before they go shopping, highlighting the importance of influencing them in the home:
• 72% plan the groceries they are going to buy before they go shopping, 20% more likely than those under 40
• 99% have responsibility for the grocery shop
Sophisticated consumer
GenerationYnot! are informed about the economy and are twice as likely to have an opinion on it than those under 40
• 93% make all or most of the financial decisions in the household, 24% more likely than those under 40
• 32% are more likely than those under 40 to always be on top of the household spending
About the research
IPC Media says: "The quantitative research was conducted by YouGov. An online survey was conducted amongst a nationally representative sample of over 2000 UK women.
Qualitative research was conducted by SPA Future Thinking, and involved more than 70 women in a comprehensive insight programme that used five new methodologies including: See Me ™ Cameras, Self-Moderated focus groups, Life Tours, Online Forums and Boardroom Table Groups."
