Consumer Market Growth
The U.S. Census records estimated a 2008 population of 304 million. The consumer market is the universe of people with discretionary incomes to buy the goods and services offered in the marketplace. That's almost everyone in the country, but not everyone is in the market for the same kind of product. A consumer market in marketing is traditionally thought of as a subset of the total consumer universe. Some consumer subsets are posed to grow in the coming decades.
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Seniors
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America's population is aging and the senior consumer market is expected to grow. A 2007 study by the CDC on Aging noted that by 2030, the number of Americans ages 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 ages 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 many 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 and even companies that produce hair color.
Hispanics
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Hispanics are considered the largest ethnic consumer group in the country while African-Americans are the largest racial group. Hispanic Americans are a growing consumer market. According to the U.S. Census, Hispanics represented 15 percent of the total population in 2006, 44 million people.
By 2050, they are projected to account for a one-quarter (24 percent) of the total U.S. population. Hispanics are represented by several cultural groups, including Mexicans, Cubans, Colombians, Puerto Ricans and Dominicans. Each group shares cultural similarities but have historical, lineage and nuanced language differences important in consumer marketing.
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African-Americans
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African-American consumers are another growing consumer market, but not necessarily in population. African-Americans represent 13 percent
of the population and that percentage is expected to hold over the coming decades.Black buying power is expected to reach $1.2 trillion by 2012, according to the Selig Center for Economic Research. African-Americans wield a great deal of cultural power and political currency. Blacks' culture and lifestyle are prime fodder for mainstream popular trends in language, fashion, and music--the stuff of advertising creative.
Asian-Americans
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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 percent to 9percent by 2050, according to Selig.
As a consumer market, Asians tend to have high household incomes and buying power. According to Selig, Asian buying power will reach $752 billion by 2013, with telecom and major appliances among the industrial segments where they are heavy spenders.
Youth Market
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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.
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