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Greetings from the Consumer Dynamics Center, co-operated by The Conference Board and Nielsen. As we mentioned in our February newsletter, we have been studying the impact of demographic shifts on consumer spending and behaviors in the US. Here are some of the recent findings:
- Products and services that are particularly popular with Asians and Hispanics are likely to experience strong growth through 2025. The number of Asian and Hispanic consumers in the US will each grow by nearly 25 percent between 2015 and 2025, while the number of white consumers will only grow by 1 percent.
- Retired white households and working-age Hispanic households will account for almost all of our estimated 6.8 percent growth in total household spending through 2025. 62 percent of spending growth is likely to come from white households headed by consumers above the age of 65. Categories like hearing aids are forecast to really grow. Another 29 percent will come from Hispanic households headed by consumers between 25 and 64.
- Population and spending growth in the South and West will grow very quickly, potentially two to three times the national average.
Click here to read the whole report and discover additional insights.
We are continuing to update this work with new projections of demographics growth, including immigration. We are also analyzing additional data, including Nielsen data to better project impact across categories, and across states and metro areas in the US. This work should be available later this year.