By the year 2000, this will grow to 40 years. Most of the nation s wealth is in the hands of those over 50. The boomers represent a vast, relatively affluent and expanding market. However, retailers should recognize that they have reached an age when they have less to spend on retail goods and more on housing, education and health. Older Americans are a good segment as they are now the biggest spenders, even though they spend a lower proportion of their income on retail goods and services.
Older shoppers tend to be more knowledgeable, are less likely to shop on impulse.
Buying behaviors of different age segments are changing. Consider the increasing proportion of infant and child products that are now being purchased by grandparents. Increasing cultural diversity will also influence shopping patterns. By the year 2030, non-Hispanic Caucasians will be a minority in the U.S. Considerations for Retailers Ethnic markets should be considered when exploring expansion opportunities. While national demographic trends will continue to shape retail on a broad level, local demographic shifts are more important to the community retailer.