Let’s have some fun with population data today. One of the most basic forms of demographic forecasting allows us to see shifts in consumer markets. Measuring population growth by age is a quick way of estimating future market sizes for age-specific products and services. Both relative and absolute growth forecasts are important (more about this in my full column). This is Australian data but the logic is the same everywhere…
I am sure that your employer offers products or services specifically targeted at a relatively narrow age group. We know for example that people living in retirement villages are almost exclusively aged 75 to 84. That segment will grow by a massive 44 per cent over the next decade. What an opportunity!
That’s of course just the quick and dirty way of forecasting a market size. In our consulting we take many more factors into account but the population base is always the starting point.
Read my full column here (no pay wall): https://thenewdaily.com.au/opinion/2023/05/27/stats-guy-demographics-growth-markets/
#demographics #forecasting #Australia #data
