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The US is in the midst of several large but slow-moving demographic shifts that will alter the business landscape. In particular, population growth over the next decade is likely to vary dramatically by age, race/ethnicity, and geography, with the fastest growth coming from the oldest consumers, from minority groups, and in the West and South of the US. Since the amount and type of consumer spending varies greatly across these same groups, these shifts will create differences in spending growth across products and regions. In this report, we provide a perspective on how these shifts will play out and what they mean for business leaders.