Identify major cultural and demographic trends

Trends Affecting Consumer Behavior

Following trends deserves careful attention of market researchers and managers:

• Declining Birth Rates

  • If this trend continues, countries with declining birth rates will experience a decline in overall population.

  • It also contributes to the imbalance in the number of men and women in a country.

  • Exhibit 10.9 displays projected birth rates and life expectancy for several countries.

• Increasing Consumer Affluence

  • The combination of working couples and lower birth rates has led to greater levels of consumer affluence.

• Increasing Life Expectancy and the Aging Consumer

  • As shown in the Exhibit 10.9, life expectancy is increasing in many developed countries.

  • The Baby Boomer population is expected to dramatically affect business practices for many years to come.

• Increasing Cultural Diversity

  • Through immigration and the growth of microcultures, most of the societies are becoming increasingly culturally diverse.