ERMUSR MISC. ISSUES 01-13-2004 - Laserfiche WebLink

Home Browse Search

6 U.S. Population Diversity increases as our population continues to grow Demographic changes shape consumer mar- kets through gradual shifts in the age, racial and ethnic makeup of our population. Each change brings opportunities and pitfalls for business. What is good for some businesses might have a negative effect on the profits of others. A product or service aimed at a particular group can expect growth A 4,„:„,...: . ,.- y ,. rt if that group expands or find itself in trouble if the group contracts. Focusing on the Future ;,. , A' �,.• Knowing about population trends and what they `" "'" mean for you and your business will help prepare you jt ` ; P h for changes in the years to come. It is the basis for sound planning and is often the P g li aj - key ingredient in developing products, crafting mar- keting strategies and setting goals. C . d1 Continuing growth in the U.S. population is as- °" J cured for the near future, although the rate of growth ll is slowing somewhat. it' BY 2015, 40 MILLION MORE AMERICANS are going to need shelter, food,health care, education, transporta- tion and more. Roughly 3.5 million people a year will be added, raising total U.S. population from 293 mil- _ lion in 2003 to 315 million in 2010 and 333 million in 2015. most 24 million in 2015. Here's an overview of what to expect based on census data and projections by NPA Data Services of SCHOOL-AGE CHILDREN—those between five and 19— Arlington,Va. will also increase by 3 million, rising from 63 million in 2004 to 66 million in 2015. Shifting Age Groups Expect major changes among age groups over the YOUNG EARNERS AND CONSUMERS-20-34—will in- next decade. crease by 8 million by 2015, reaching nearly 70 mil- The biggest changes will come as baby boomers lion. Those in the youngest years of this age group —people born between 1946 and 1964—move into are going to be attending college either full- or part- ' and through middle time. age and the oldest AGING POPULATION reach senior citizen 15% EARLY SAVERS AND PRIME SPENDERS-35-54—are status. 14% headed for modest gains. They constitute the bulk of 13% the baby boomers, and their numbers are going to INFANTS AND 12% r rise by about 700,000 to just under 87 million in 2015. PRE-SCHOOLERS— 11% %ot Total Population children up to 4 years —Seniors(age 504., YOUNG EMPTY-NESTERS—those who are 55 to 64—will 10% —Empty Nesters(age 5569) old—are going to in- be far more numerous. Their numbers will increase crease from about 20 9 2004 2007 2010 2013 2016 2019 by more than 12 million and will total nearly 41 mil- . million in 2004 to al- source:NPA Oats Services lion in 2015. 12 I The Kiplinger Letter • KiplingerForecasts.com