World's 'female economy' poised to outperform some big economies

Women from Saudi Arabia and Asia, queue outside a luxury brand Louis Vuitton store in Istanbul on August 13, 2018. (AFP)

• Consultancy firm's report suggests global female income will reach $24 trillion in 2020
• Significant shift foreseen in economic power toward women in household and professional environments

RIYADH: The world’s “female economy” is poised to outpace the economies of some of the biggest nations in the next five years, according to consultancy firm Frost & Sullivan’s latest research report.
With more women entering the workforce, there will be a significant shift in financial and economic power toward women, both in the household and professional environments.
“The increasing economic power of women will result in big transformations. 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 at Frost & Sullivan’s Visionary Innovation Group.
Global female income would reach $24 trillion annually in 2020, up from $20 trillion in 2018. Women are also expected to control $43 trillion of global consumer spending in 2020, while there will be 100 million more women in the global labor force by 2030.