Demographic shifts are having a profound effect on consumer markets around the world, which will require brands to focus on three key groups of consumers over the next 15 years, according to recent analysis from McKinsey.
One of those key groups is consumers aged 60+ in the US, Western Europe and Northeast Asia. Their number is expected to increase to 222m people in 2030, accounting for 60% of total urban consumption growth in Western Europe and Northeast Asia alone. Their consumption will not be limited to just healthcare products, but their spending power is expected to extend to many other categories.
According to McKinsey, these older consumers in the US will contribute more than 40% of consumption growth in housing, transport and entertainment, and they are already spending significantly more than they used to on home improvement.
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