It doesn't matter which business(es) you are in, knowing who is buying your goods/services is critical to success. Below is a fascinating animated graph from my friends at Calculated Risk showing 160 years of age distribution in this country. Prior to seeing this data I did have some concerns about how a decreasing younger generation takes care of an increasing older one. It helps to get the full effect of the graph if you place a pen at the age group you are tracking, then, in particular, watch the baby-boomer bubble pass through it.
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Posted: 12 Aug 2013 05:44 PM PDT By Calculated Risk
There are many interesting points - the Depression baby bust, the baby boom and more. What jumps out at me are the improvements in health care. And also that the largest cohorts will all soon be under 40 (I suspect more and more emphasis will shift away from the Boomers to younger generations). Heck, in the last frame (2060), any remaining Boomers will be in those small (but growing) 95 to 99, and 100+ cohorts.
Some people are concerned about supporting those older Americans. But the ratio of total Americans in the prime working age (20 to 55) will be about the same in 2060 as in 1900. The mix of dependents will change (fewer young, more old), but having fewer infant and child deaths, and a longer healthier life, seem like huge positives to me! Also I expect the definition of the prime working age will expand to include more older workers - so the ratio of dependents to workers might actually decline.
The future is bright!