Beyond Analysis Releases Findings: Men and Women Have a Polar Opposite Outlook of the Economy

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Produced by The Commonwealth Bank of Australia (CBA) and powered by Beyond Analysis, this topical and insightful thought piece demonstrates the ability to turn Customer Transaction Data* into powerful business management tools.

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Paul Alexander, CEO at Beyond Analysis: "This work has helped CBA to position itself as an influential commentator on current and future economic and market trends."

Produced by The Commonwealth Bank of Australia (CBA) and powered by Beyond Analysis, this topical and insightful thought piece demonstrates the ability to turn Customer Transaction Data* into powerful business management tools. In this issue, the influence gender has on customer spending patterns is considered.

The analysis shows that although women have enjoyed considerable political, economic and social achievements, their life experiences can be significantly different from those of men. This can fundamentally shape many areas of women’s lives, including their perceptions of the overall economy – which in turn influences their buying behaviour, something that will be of major interest to retailers and financial institutions seeking business management strategies.

Key findings include:

Women have consistently lower levels of optimism about the state of the economy compared to men - 38% of men said the economy was ‘strong’, compared to just 21% of women in January 2011

Women saw the global financial crisis as a time to be more careful about spending; men saw it as an opportunity to ‘get some great bargains’

Women are significantly more concerned about not being able to meet the day-today expenses, such as mortgage repayments. Men are generally more worried about a loss in their investments or retirement savings

The survey also reinforced the well-documented influences on customer behaviour:

Women mainly hold the purse strings when it comes to household spending, giving them insight and awareness of the household economy

Women are generally less confident than men that they’ll have adequate resources to retire when they want to – 29% of women compared to 35% of men

Women tend to dominate retail spending; given current spend levels are lower than trend this may reflect the less positive perceptions of female shoppers

About the methodology

Using granular data about the lives of real people and based on a combination of transaction data and market research, Beyond Analysis have been able to deliver a more detailed economic picture than the standard official government statistics. This data provides a useful resource for refining business management techniques.

Like many large organisations, the Commonwealth Bank collects a wealth of intelligence about its customers during the course of normal business. Apart from providing valuable insight to better understand and anticipate customer needs, it offers a real-time window on the world of consumers, markets and economies. Based on the changes that are taking place in people’s lives it gives a more accurate picture than is possible through traditional small market research sampling.

Research data from the survey results of 2,000 Australians was overlaid with CBA’s electronic income and expenditure data to gain a unique insight into men and women’s income and spending patterns. The data was analysed and, with input from the National Centre for Social and Economic Modelling, the key drivers were identified that shape the economic confidence of men and women across all ages and locations.

Using consumer data effectively

Paul Alexander, CEO, Beyond Analysis, “This work has helped CBA to position itself as an influential commentator on current and future economic and market trends. It relays the necessary information to create a type of dialogue with customers that will provide CBA with an even better service through enhanced and tailored customer propositions. It has also helped the bank’s retail customers find ways to help their own customers manage their money better, and drive card usage more effectively.”

About Beyond Analysis
Beyond Analysis is a customer insight specialist that helps businesses become more customer-centric through behavioural analysis. The resulting insights improve business management techniques and customer loyalty.

We strive to be the champion of the customer in our clients’ businesses, using our expertise and creativity to provide business management solutions, drive incremental revenue and reduce costs.

For a full copy of the report, interview opportunities or further information, please contact: info(at)beyondanalysis(dot)net

  • All references to data refer to transaction information which is completely anonymous.

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Paul Alexander
Beyond Analysis
+44 (0) 208 875 7020
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