As if juggling all your day-to-day tasks isn’t enough, as marketers we really need to keep track of the trends that will have impact on our business, services and products.
The shifting population is a trend that is definitely going to change the way we all do business. The world is getting smaller, literally and figuratively.
Here are some facts associated with the trend.
- Currently in the United States, on average, women of child bearing age are having fewer children than ever before.
- Starting around the year 2015, more people will die than babies will be born in the US. This is a direct impact of the aging boomers.
- By the year 2025, it is predicted that mandatory retirement age (and the social security benefits etc.) will be at least five years older than it is today.
- Older Americans will be healthier and work longer, many until their late 70’s, although most will not work full time or year round.
- Because of the shifting population, finding and retaining employees will be one of the biggest challenges a company will face.
Think about what you sell and how you sell.
Recognizing that we are only 10 years away from feeling the effects of this population shift and adjusting your business models now, could give you a profound advantage in attracting and retaining both customers and employees.
The time to react is now.
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That is an interesting point. The more technical products though probably still appeal to the younger generation, that is unlikely to change. But as the current workforce retires they too will be more receptive to technical products than the current retirees. So some markets may find their audience grows rather than narrows.
You are correct — some product categories will experience incredible growth. It’s up to every business owner to know who their potential buyers are and where they fit in the spectrum of the changing times.
Drew