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7 Changing Consumer Markets <br /> Catering to a more demanding marketplace <br /> Akey word for successful marketers in the years And consumers are insisting on value along with <br /> ahead is "convenience." It is very important quality in products and services. That means stiffer <br /> that businesses and investors keep it firmly in competition among providers of goods and services. <br /> mind when mapping a course for the future. Not <br /> doing so could prove costly. Anticipating Population Trends <br /> Like waves nearing shore, population trends can be <br /> The Growing Need for Convenience spotted long before they crest. They play a major role <br /> Demographic trends and changing lifestyles are put- in shaping the future of markets. <br /> ting a premium on consumers' time. So people want <br /> and need convenience to get the most out of their BABY BOOMERS remain a dominant demographic <br /> crowded schedules. Two force. The oldest <br /> groups whose numbers boomers are entering <br /> are set to rise in years to their late 50s and the <br /> come add to the impor- youngest turn 40 in <br /> tance of convenience. 2004. <br /> This demographic <br /> TWO-EARNER HOUSE- ,r y foreshadows a big in- <br /> HOLDS are one reason p- 4' t ; crease in empty-nesters <br /> convenience is seen as a fi' J —people age 55 to 64 <br /> necessity for an increas- whose children have left <br /> ing number of Ameri- - home. By 2010,about <br /> cans. They are willing , one out of eight Ameri- <br /> and able to spend more cans will be in this <br /> of their incomes on group. They will have <br /> products and services money to invest and <br /> that save time on chores spend. Members of <br /> such as cooking, shop- this age group are in <br /> ping, cleaning and their peak earning years, <br /> housework. They'll pay and with the costs of <br /> to have more time to spend on recreation and raising children behind them. <br /> relaxation. A major objective for them is saving and investing <br /> for retirement. Many buy second homes in places to <br /> SINGLE-PARENT FAMILIES have become a larger part of which they plan to retire. They'll purchase insurance <br /> the population. For them also, convenience is often a for nursing home and home care, and they'll pressure <br /> necessity. They don't have time to earn a living, care the government to provide more medical benefits. <br /> for children and keep house in the traditional way. <br /> SENIORS—those 65 and over—are another rapidly <br /> Marketing to Smarter Shoppers growing group. There'll be about 40 million by 2010, <br /> Tomorrow's consumers are going to be better-in- nearly 4 million more than now. And after 2010, their <br /> formed shoppers. Fewer will buy brands out of habit, numbers are going to rise even faster, reaching about <br /> and they'll do more market research. The Internet is 54 million by 2020. <br /> sure to be one of their main tools, making it much Many seniors today are well off financially,al- <br /> easier to compare prices and features and check with though poverty still affects a minority. A big segment <br /> consumer groups on product satisfaction. of the well-off group bought homes in the 1950s and <br /> Consumers have more choices in how they buy 1960s and are able to tap great appreciation in the <br /> —from catalogs, the Internet and at traditional stores. value of their property. Often, senior households <br /> Major marketers will want an outlet in each venue. have two pensions plus Social Security and, more and <br /> WHAT'S AHEAD FOR 2004 I is <br />