Demographic Change is changes in population, for example in terms of average age, dependency ratio, life expectancy, family structure, birth rates, etc.
Policy in demography is concerned with the implementation of measures that might influence the course of demographic decision-making and hence influence the course of demographic change (mitigation).
Age is the most basic variable of them all, albeit the most important because consumer preferences continually change with age.
Gender. Men and women generally have different likes, dislikes, needs, and thought processes.
Income and occupation.
Ethnicity and religion.
Family structure.
Demography provides very specific information about different populations such as their age, gender, family status, race, income and social class. Using this data, a company can drill down into its ideal customers groups.
the largest problem with a demographic environment in terms of marketing is that even though marketers use accurate data to make predictions about what will happen with consumers, there is no guarantee that what the company predicts actually will come to pass. In other words, much of marketing with demographic data is based on assumptions
However, there is considerable diversity in demographic profiles. Overall, the trend across Asia follows the demographic footsteps of advanced western economies: as countries grow older they get wealthier, more urbanized, and larger segments of educated women join the labour market.
The global population is growing more slowly and will stabilize this century. Between 1950 and 2018, average annual population growth was 1.6%. ... The share of the population over age 65 will rise from 5% in 1950 to 15% in 2050 to a quarter of the planet's population by 2100.
These demographic changes can affect economic prosperity in several ways. First, changes in the working-age share of the population impact income growth and savings, by changing the relative number of people in the economy that are able to work.
Demographic change can influence the underlying growth rate of the economy, structural productivity growth, living standards, savings rates, consumption, and investment; it can influence the long-run unemployment rate and equilibrium interest rate, housing market trends, and the demand for financial assets.
By = Kristian, Audrey, Giselle, Felicia, Vareen