Consumer Market Growth
The US population is 308 million people. The consumer market is the universe of people with discretionary incomes to buy the goods and services offered in the marketplace. Not everyone in the country is in the market for the same kind of product and a consumer market in marketing is traditionally thought of as a subset of the total consumer universe. Some subsets are poised to grow exponentially in the coming decades.
America’s population is aging and the senior consumer market is expected to grow. By 2030, the number of Americans aged 65 and older will more than double to 71 million, or almost 20 percent of the total population. In some states like Florida and Arizona, fully a quarter of the population will be aged 65 and older.
Some older consumers will be retirement ready with high disposable incomes living their final days on golf courses and cruise ships while much more will have to depend on the government resources for food and housing. With aging comes health and wellness concerns that will affect pharmaceutical companies, beauty companies, assisted living services, even companies that produce hair color.
Multicultural Consumer Groups
Hispanic Americans are a growing consumer market. Currently, Latinos represent 15% of the total population, 45 million people. Hispanics are considered the largest ethnic consumer group in the country. By 2050, they are projected to represent 29 % of the U.S. population. Hispanics are represented by several cultural groups including Mexicans, Cubans, Columbians, Puerto Ricans, and Dominicans. Each group shares cultural similarities but have historical, lineage, and nuanced language differences important in consumer marketing.
African American consumers are another growing consumer market but not necessarily in numbers. African Americans currently represent 13% of the population and that percentage is expected to hold over the coming decades. However, Blacks wield a great deal of cultural power and political currency as well as buying power. Black buying power is slated to reach $1.1 trillion by 2012 as such they will continue to be viable consumer markets for goods and services.
Asian Americans like Hispanics are from a variety of different ethnic groups including Japanese, Chinese, Korean, Vietnamese, and Filipino. These groups are projected to grow from their current 5% to 9% by 2050. As consumers, Asians tend to have high household incomes and be early adopters in some industrial growth segments like high tech.
Whether called Gen X or just the youth market, younger Americans will always be a consumer market of interest because of their role in defining popular culture. From sports to high tech to fast food, youth will remain targets for products and services due to their early adoption of new technologies and heavy consumption of movies, music, and clothing.
http://www.finalcall.com/artman/publish/article_4418.shtml Black Buying Power
http://www.cdc.gov/aging/saha.htm Aging and the State of Health Report