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Women are emerging as a major force to reckon when it comes to influencing consumption decisions. This trend is expected to impact major consumption segments said a report by JP Morgan.
The categories where women are expected to spend more or trade up and seek convenience include Packaged Foods & Beverages, Apparel & Footwear, Beauty & Personal Care, Health & Wellness, Food/Grocery delivery and Home Improvement.
With 37 percent labor force participation rate, 35 percent of bank accounts, they are exercising greater influence in the Indian consumption ecosystem, the report said.
An analysis by senior analyst Latika Chopra pointed that this is due to rising educational levels, changing family structure, more workforce participation, improving healthcare and progressive government initiatives.
A female empowering socioeconomic paradigm is unfolding with growing financial independence, rising electoral participation, progressive cultural and societal norms and increasing control over personal and household financial decision making.
There is strong focus on boosting female representation in the workforce via several policies/initiatives to ensure a women-friendly work environment.
Analyzing the data for 136 MSCI India companies, the report finds that the IT sector stands out with women forming 34 percent of the average workforce, followed by consumer staples, telecom and financials at 20-24 percent.
At the other end of the spectrum are the utilities/materials/energy sectors with less than 10 percent women in the workforce. Over the years, companies have been consciously promoting practices at various levels – hiring, skill development and retention of women workforce. Women representation on boards has seen a steady increase to 18 percent in FY’23 from 12 percent in FY’16 for MSCI India companies.
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