The demographics of the future won’t be the same as those of the past, or even the present
Marketers need to be aware that “older demographics that exist today will be wiped out and new ones will emerge”, says Charlotte Rogers writing for Marketing Week. The cost of living is rising and consumers are struggling to get on the property ladder. This will impact on the life trajectories of different demographics across the UK. Rogers warns: “the consumer groups marketers target today may not exist in the same capacity in the future – if at all.”
Research undertaken over five years by Experian shows that there has been a significant polarisation of wealth, “creating a marked gap between old and young, homeowners and renters, high-net worth individuals and the rest of the population”. The marketers of today need to be targeting consumer segments as well as demographics. Rogers identifies three key segments of consumers that we need to tailor our marketing to.