Monday, May 27, 2024

BSD Group and Ipsos release consumer Report on The top 100 most loved brands by Women in Kenya

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Ipsos in Kenya and BSD Group have released the 3rd edition of The Top 100 Most Loved Brands by Women in Kenya. The Study establishes the authority of women consumers as an emerging, significant, and profitable consumer market. This Study is the first of its kind to be done in the country and in the continent.

In 2021, Ipsos in Kenya undertook the first countrywide research among women aged 18 – 65 to identify the Top 100 Kenyan Brands Most Loved by Women. Today, we release the third of these series following the most recent study, carried out in February- March 2023.

Insights drawn from the study elaborate how the Kenyan woman drives consumer purchase decisions within her household as the primary shopper.

The study also details key reasons why the Top 100 brands made it to the 3rd edition based on data collected and how women markets contribute to the financial and reputational performance of brands and organisations.

In his remarks, Ipsos Kenya Managing Director, Chris Githaiga points out that the study seeks to bridge the knowledge and insights gap in understanding the female consumer market.

“This is a huge opportunity for most brands that actively seek to engage women as an opportunity for growth since women play a critical role in our economy. They truly control multiple market segments – through their influence and purchasing power.

97% of adult women play a key role in purchase of products or services used in their households and on average, 78% of their income goes to household purchases. 

Additionally, the percentage of female-headed households is increasingand can no longer be ignored. Our recent studies show that close to 50% of households in Kenya have woman (a mother)as the head.Therefore, empowering women impacts the overall economic growth and value creation,” says Githaiga.

“Brand owners, policy makers, investors can now get a better understanding of women’s consumption habits after we realized that the demographic and value of women consumers in Kenya was understated, misunderstood, and ignored,” adds Githaiga.

Most organizations have been making decisions based on uncertain business intuition and general market insights with limited focus on research-based approach to women markets.

Kenyan women say Arimis, M-Pesa their most beloved brands

“Research by McKinsey shows that if women participated in the economy on the same basis as men, it would add $12 trillion, or 11%, to the annual global GDP by 2025.

This translates to developing products and services that meet women’s explicit and implied needs. Recognising and promoting women’s active participation in the economy while contributing to their empowerment should be intentional rather than a reaction,” says Ms. Eva Muraya, Founder and C.E.O, BSD Group.

Ms. Eva also notes that encouraging women to join positions or sectors where they are underrepresented greatly increases the labour pool which translates increase in talented and skilled workforce as well as new markets.

“For brands and organizations to be successful, they need strategies that deeply resonate with, prudent to consult and co-create with women in a top-down and bottom-up manner. They ultimately need to be included in developing and implementing brands and organizational strategies,” adds Ms. Eva.

Kenya, the East Africa region, and Africa at large need to capitalize on the potential growth of women-led emerging markets.

“By incorporating gender concerns into market research, businesses can ensure a strong understanding of women markets, gender norms and relationships that impact development of this special segment. Women have been an integral part of Kenya’sdevelopmental agenda. 

The woman is encouraging organizations to be purposeful in creating products that meets their needs. It is evident that women have the power to accelerate growth of new markets and open new frontiers for brands and organisations,” Eva concludes.

The Top 100 Most Loved Brands by Women in Kenya serves as a first step towards exploring the power of women markets, with various studies globally indicating that women form a massive profitable audience that needs keen attention, locally and globally.

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