Are winning the shifts in macro trends part of your business strategy?
Do your business plans consider macro trend shifts? As example, US Household formats are shifting — there may be ways for you to engage consumers with new products/services and go to market approaches by leaning into relevant trends.
Here are a few to think about, leveraging research data from PEW Research Center
SLOWING US POPULATION & HOUSEHOLD GROWTH
◊ 2020 census found population growth slowed in the last decade to only 7.5%, slowest since 1930
◊ 2020 census counted 126.8 million occupied households, growing 9% over 2010 census; slower than 11% in prior decade
Consider what it means for your category:
§ There are lots of implications from fewer kids, an aging population and fewer homes on products / services needed (remember, Boomers can be attractive target with money!)
MORE PEOPLE PER HOUSEHOLD
◊ Multigenerational family living grew from 12% of US homes in 1980 to 20% in 2016
◊ This is driven by faster growing Asian and Hispanic households
§ Needs of larger households with different age groups (e.g., package sizes, product types)
§ Ethnic groups value their heritage; need to customize and localize
MORE ADULTS WITHOUT PARTNERS
◊ In 2019, 38% adults aged 25-54 were unpartnered — neither married nor living with a partner. Up from 29% in 1990. Men now more likely than women to be unpartnered
§ How to support; PEW notes unpartnered generally worse off in earning, employment and education attainment vs married or cohabiting
SUBURBS PREFERRED OVER CITIES
◊ With pandemic, preference for urban living fell from 23% in 2018 to 19% in 2021 while suburbs grew
§ Suburban opportunity with retail and services to cater to ex-urbanites moving in
INCREASED NEED FOR SENSE OF COMMUNITY
◊ More people `want access to recreation/outdoor activities. Wanting to live in a place with a strong sense of community grew from 27% in 2018 to 32%
§ Fulfilling people’s community needs can help businesses and institutions thrive too.
What other opportunities do you see in incorporating these in your growth strategy?