Three Consumer Cohorts Will Dominate America in 2020
ROCKVILLE, Md. -- New research from Packaged Facts that examines who we will be as a nation in 2020 reveals that socio-economic shifts in America will undoubtedly continue, with seniors, Latinos and women growing in importance as consumer cohorts in the future.
By the year 2020, America will be "a graying nation" inhabited by Baby Boomers and seniors who are thriving during their post-retirement years. Gen Xers and Millennials may be next in line to run the corporate and political worlds, but that doesn’t mean Boomers and seniors are simply fading silently away, especially in regards to their presence in the retail sector, considering the greater abundance of affluent households headed by older Americans, the Americans in 2020 report states.
Based on Packaged Facts’ analysis of U.S. Census data, the percentage of the U.S. population aged 65 and older will increase from 41 million in 2010 to 56 million by 2020. With this shift, those aged 65 and up will increase their share of the total population from 13 percent in 2010 to 17 percent in 2020 -- accounting for 42 percent of the total population growth over this decade. For retailers, future success will require continuing to build relationships with this influential and often loyal consumer segment.
In addition to seniors, Latinos will continue to gain importance and influence in America’s retail landscape, according to Packaged Facts’ latest research. The Hispanic population in the United States will reach 64 million by 2020, and will be a third as large as the non-Hispanic white population (at 199 million) and larger than the African-American population (at 42 million).
Beyond raw numbers, the researcher noted than an increasingly educated populace of Latino Millennials is leading a surge in greater diversity in America’s residential communities and vocational sectors. Greater education will correlate to greater financial clout as 2020 rolls around and an even deeper impact on the retail market.
Finally, women round out the trio of game-changing consumer cohorts heading into 2020. Delayed marriage, combined with a greater propensity to pursue "three letter" degrees, will allow women in the workplace to secure more positions of authority and affluence, ushering the nation into an era of income equality among the genders.
Additionally, Packaged Facts said it sees America on the cusp of having more than half of first-born children born to unwed mothers as a result of the delayed marriage trend. This tipping point will occur before 2020 and shape the future of American households as female-headed households will remain on the rise.
For more information on the Americans in 2020 report, click here.
Packaged Facts is a division of MarketResearch.com and publishes market intelligence on a wide range of consumer market topics.