Best Days Ahead
Demographers count people to understand what is coming next and forecast the future, explained renowned demographer and generational marketing expert Kenneth Gronbach during an appearance on IMTSTV. Following his presentation at the Global Forecasting and Marketing Conference, Gronbach expanded on his position on the politically correct (PC) movement and highlighted many trends that are impacting Generation Y.
Gronbach contended that the PC movement is driven largely by a widely held desire to not hurt feelings. However, he maintained that the primary result of this movement is a lack of good information. Too often, members of Generation Y think that it is mean to tell the truth, but not telling the truth leads to much bigger problems, Gronbach said.
Beyond the PC movement and the resulting backlash, Gronbach touched on several prominent demographic trends. He noted that demographers are hopeful that Generation Y families will have three children. This increase in the amount of children per family may seem modest, but in a market economy it can make a big impact on the demand for goods and services. Finally, he explained that the much-discussed trend toward later childbearing is insignificant in terms of demography, since the shift is only a couple of years.
Businesses should carefully look at demographic numbers and fully understand their customers and the size of their market, said Gronbach. They also need to look carefully at whether or not their product is relevant and marketable to Generation Y. Ultimately, Gronbach predicts that the best days for manufacturing are ahead—not behind.
For more information about marketing, as well as valuable economic forecasts, plan to attend the Global Forecasting and Marketing Conference on October 19-21, 2016, in Miami, Florida.