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

PEW Research:

◊ 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

PEW:

◊ 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

Consider:

§ 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

PEW:

◊ 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

Consider:

§ How to support; PEW notes unpartnered generally worse off in earning, employment and education attainment vs married or cohabiting

SUBURBS PREFERRED OVER CITIES

PEW:

◊ With pandemic, preference for urban living fell from 23% in 2018 to 19% in 2021 while suburbs grew

Consider:

§ Suburban opportunity with retail and services to cater to ex-urbanites moving in

INCREASED NEED FOR SENSE OF COMMUNITY

PEW:

◊ 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%

Consider:

§ 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?

Let's discuss how you could use these