M-Pesa, Safaricom and Equity Bank respectively have been ranked as the top most loved brands by women in Kenya in 2024.
This follows the latest release of the 4th edition of The Top 100 Most Loved Brands by Women in Kenya today by Kenya’s leading brand and communication consultancy firm, BSD Group and market research and consulting firm, Ipsos in Kenya.
The Study establishes the authority of women consumers as an emerging, significant and profitable consumer market.
Other brands that merged in the top 10 included Samsung, Ajab, Naivas, Airtel, KCB Bank, Menengai and Apple respectively, indicating a shift in consumer choice and brand preference when compared to 2023’s ranking.
The Top 100 MLB by Women Study is the first of its kind to be done in the country and the continent with a focus on insights that inform, empower and enrich understanding of women’s markets to unlock growth for businesses and brands.
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 4th edition based on data collected and how women markets contribute to the financial and reputational performance of brands and organisations.
The Study also highlights the reasons behind women’s purchase decisions and therefore points out the need for utilisation of data-driven business methods and strategies.
The most pressing issue affecting women is the high cost of living which influences daily purchase decision-making.
Other highlights of the Study included:
1. The Care Economy – Household profile
28% of women are concerned about balancing work and family responsibilities. Urban dwellers are significantly affected by this.
7.8% of young single mothers, more than 5.9% in 2023, live with their children and their parents.
At least 2 out of 5 (43%) of these households, the woman leaves financial planning to someone else – likely her parents.
4% of women live with someone who is differently-abled.
2. Healthcare
Over the last 4 years, the Study has had 8 to 14 healthcare brands (county hospitals and dispensaries) feature in the list of Top 100 Most Loved Brands.
69% or 7 out of 10 women are key decision-makers regarding the purchase of medicine and use of healthcare facilities
3. Retail and Beverage
7 / 10 women are financial decision-makers regarding the retail outlets they shop from. The retail sector has a loyal and stable customer base, even as e-commerce rises in 2024 with the number of women shopping doubling in from 2023.
– 70% of women personally shop for groceries.
– 92% of women are loyal to their favourite retail outlets
– 12% shop on e-commerce platforms – the number of women shopping online has doubled from 2023
There is a shift from women as passive consumers of alcohol to purchase decision-makers. In 2024, the Study observed the highest proportion of women playing this role versus 2021 to 2023
4. Financial Services
In tandem with the high cost of living – the most pressing issue affecting women today; women are using banking products and services (64%) almost as much as they are using money lending platforms (58%). They are, however, more likely to be decision-makers regarding the money-lending platforms they use (33%) than the banking products and services they use (29%)
Mobile money is used more at 68%, followed by mobile lending platforms at 33%, banking products at 29%, insurance products and services (18%) and Saccos (17%)
5. Tech
About 1 in 2 women with mobile phones own a smartphone
Daily usage of mobile money applications has grown from 36% in 2023 to 54% in 2024
Additional Insights
The high cost of living is a pervasive issue affecting women in Kenya, and it amplifies the impacts of all the other issues. Other key issues that stand out are domestic abuse and barriers to accessing education. The data also shows that these issues are compounded by factors such as physical insecurity, early marriage, and poor access to quality healthcare.
91% of women said high cost of living concerns them – overshadowing other concerns women have. Early marriage come after at 45%, domestic abuse (45%) and poor access to quality healthcare (44%)
Providing solutions to these problems will require a multi-faceted approach that acknowledges and addresses their interconnectivity.
The issues are more prevalent in certain provinces such as Rift Valley, Nairobi, and Nyanza. Rural women are more likely to face domestic abuse and early or late marriage, while urban women are more likely to face physical insecurity, sexual abuse, and the challenge of balancing work and family responsibilities.
“The Study provides critical insights and much-needed value to leadership and management in strengthening product and service delivery to a key demographic that has been repeatedly proven to be extremely bankable. As we navigate a very volatile market environment, those who invest in this data will be able to access insights that provide a strengthened competitive advantage, reputational equity and opportunity for innovations and disruption,” says Ms. Eva Muraya, Founder and C.E.O, BSD Group.
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.
Ms Eva also notes that investing in women through education, economic empowerment and healthcare translates to an increase in incomes and benefits to businesses and expansion of markets and the entire economy.
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. 69% of women play a key role in purchase of products or services used in their households and on average, 59% of their income goes to household purchases. Additionally, the percentage of female-headed households is increasing and can no longer be ignored. Our recent studies show that close to 50% of households in Kenya have a woman as the head. Therefore, empowering women impacts the overall economic growth and value creation,” says Githaiga.
Ipsos Kenya first undertook countrywide research three years ago among women aged 18 – 65 to identify the Top 100 Kenyan Brands Most Loved by Women.
