Tew Megatrends Shaping The Consumer Landscape

Aging Boomers, As ha by bOMTWTS grow o'lIí:1 iheir ¡mpacl on consumer spending cao hardly be overstated. That's because unlike previous (fenerations, boomers are deciding to ilefay the aging process and Mil coiiíiriue lo earn snil spend as Ibey age.

Delayed Retirement. E-atiy Bomer? I'^ve delayed every life slage transition, such as gelliag married and having children. So ii's h ghly likely ffet UiáJ '.v II also ?$l3y lheir retirement. Between 20ÜÍ) and 20ID, the Bureau oí Laboí Slatistics forecast a 33 percent increase in !he number ol people ages 65 to 74 In the wliforcc-

fhe Changing Nature oí Work. More than ball ol all U.S. workers are employied in management, in professional or related ocoj-palions, or in a sales or o!lwr office-based posilion.

Greater Educational Attaimnent^Especially Among Women. Wilh so many jets requdring Intellectual skills. !he n umber of nig'i school graduates attending oollegc is rising. V-'.iilc men and women art1 equally hkcly tftaduaie (rom liiyh siJioc:. women are more lively to attend college. TJie long-letm itrtllcalttjs of this trend are that people, wlffli a college education wild have higher I íeüme incomes, and Ihcie should he an increase h women's earning power.

Labor Shortages. Although n»i serpee workers are needed n sriurban areas fewer people? can afford ¡o live ihere. Suburban locales will uvn lo se?vice automatiuri or a greater ¡eliance on immigrant later.

Increased Immigration. Gated oa Census 2ÜÜÜ "he Census Bureau estimated that 40 ye'cení oí Hie nation's population growth -vas due lo immigration. A$ our cltfeens ac^s. t'le pypu:a-

1 on grovnti !or nevuljorni wilt he oulpatod by Ihe grtwil; dt£ to immigration.

Rising Hispanic Influence. Aire«/ 1he largest m iwnty grcu.n in ttwj iln¡:*nj toes, wife rtliffion people, the HispartC population is projected by the Census Bureau lo increase 35 percent in lhi$ decade. Though H'spanic households represented only 9 percenl of U.S. Households n ZflClO. Ihey pocounied Id 30 percent ol Ihe A mill on ch ¡dren bcrn in this country mat year.

Storting Bii1l\ Trends. Tnesft arc fepiíSíiUad lav three mlail-hends; 11 i ¡he increasing ¡;ic¡dertte oí births by tfder tvomen— and oldí?r - wl£ have Sgher spending ptftver. ií.i Iho deeliri ¡ng number ol lirths by teenagers, and i3) the rising drversiíy among young cflikWsn Alraul two-thirds of wdmen of chitdbcar-iiug age a?e ^'Hispanic wffiig t)ut U^y ^tjcoyntetl tor less tha^ hail (43.5%> of births in 2000.

Widening Geographic Differences. This Irtfld l as two elements There ii an increasing demographic difference between cities suburbs, and rural areas, along with a rise In diftlirtfive regicnr consumer martais. Tor wampte, i)\e very low pope's™ gravfli in flew England has led to a <ned¡íin age of 37.1 in thai reg:on compared 1o a median age ul 32.3 m Te*as or 33.3 m California. Non-H.spamc whites mate up percenl ol tola I population n Mew England bul on:y 53 percent of population in toe WfeSf, Changing Age Sfruciurfi. It lhe lulere the (JiKerenceS i - ■ sve beH'iieen one age colwrl and lhe next will he mucti smaller Over the oeíI decade there is itkely 10 be only □ slight change, l percent or less annually, in the number of consumers in eacii age cohort younger than 35.

Source, tap:«] irwn Pc-lt' Frirais. "Top Trwdi for 2003," Aweiicsn Diiwgup!\€S ¡Dccirrticj 2002/Janusry 2Ü03: 4S-S1.

each year and has tracked social trends since 1971, such as "anti-bigness,1" ^mysticism," "liv-iiiK fur today," "away fruni pnssessiffiis/' and "sensnonsness," It describes the percentage tif lhe population who share the attitude as well ¡is the percentage who iin not.

Identifying the Major Forces

Cunipaiiies anq their suppliers, rparketing intermediaries!' customers, competitors, aud publics all operate in a macrocmironment »f furces and trends that shape oppûrtunltlei and [itise threats. Tliese forces rep resont "no iicîi ni roi lab I es," which the company must monitor and in which it uitisi respond, lit the economic, arena, companies and consumers are Increasingly affected by global foitvs (see'table 3.3), l he beginning pf the newcenlitry brought n series of new challenges: the Steep decline of the stock market, which affected savings, investment, and reliremetU funds; increasing unemployment: corporate scandals: and of coursé, the rise of terrorism. Those dramatic: events were accompanied by the eoiitinuatian. of other, already-existing longer-term trémie [hal bave profoundly Influenced lhe global landscape.

Within the rapid 1/changing global picture, the firm must monitor sis major forces: demographic, ecouuniic, social-cultural, natural, technological, and political-legal. AI though these forces will be described separately, marketers must pay attention to their interactitius, because tEtcse will lead to new opportunities and threats. For example, cap I osive population growth (demographic) leads to more resource depletion atul pollution fnamral). which leads consumers lo call for more laws (political-legal), which stimulate new technological sojffi lions and products (technological), which, if they are afford able (economic), may actually change attitudes and behavior (social-cultural).

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