Professor Mead covered a variety of topics in his overview of demographics including how demographic information is useful in today s marketplace and what can be expected in regard to population changes over the next fifty years. Some examples of these changes are the percentage of different ethnic backgrounds in the U.S. population and how these groups will grow in our society. Mead introduced the subject by explaining the link between demographics and the future. According to the OECD, changes in demographics will be the most significant over the next fifty years. It is important for people in the apparel industry to be aware of these changes in order to serve the customers needs.
Demographics can dramatically affect business decisions.
Site planning, human resource planning, market area assessment, and market area financial potential are laid out according to demographic research. Target markets are segmented by similar information. For example, an ethnic market can be targeted geographically by city. A retailer could also target by price. The success of the product within a target market can be projected through the use of demographics.