Quick Tip--Consumer Demographics

Did you know that globally, the proportion of persons aged 60 years and older is expected to double between 2000 and 2050- from 10 to 21 per cent, whereas the proportion of children is projected to drop by a third- from 30 to 21 per cent. This has a significant impact on the types of consumers you are marketing towards. Your consumer's demographics are changing. They are more informed and are worried more about saving than spending. Keep your business proposal based on facts about your consumer demographic and how you will market towards them. Resource: Kuznets, Simon. 2003. “Economic Growth and Income Inequality,” in Development and Underdevelopment: The Political Economic of Global Inequality. Boulder: Lynne Rienner Publishers.