By the Numbers
IN THIS SUMMARY
Rather than a theoretical examination, By the Numbers is a how-to guide which shows what demographics and psychographics really mean and how to apply them. This work is for those who do not have a sound business plan for the 1990s. For those who do, the book provides the means for refining, improving, and supporting that plan with findings, projections, and specific suggestions. Nichols provides information concerning available funding and also where to find successful products and services. Four major societal trends of American society-Baby Boomers, the emerging Hispanic Majority, the aging of America, and the growth of women in the work force-will revolutionize purchasing patterns in the U.S. market. These trends will significantly alter who buys what products and services, where the potential is for successful new products and services, who will offer them, and where available funding can be found for these newly emerging businesses. Because of their sheer numbers, and because they are beginning to gain economic and political clout, baby boomers are a necessary marketing target. Psychographically, boomers are both similar to and distinctly different from their parents and grandparents. Furthermore, psychographic differences exist between the early boomers, born between 1946 and 1956, and those who followed. In spite of this diversity, however, boomers share three key characteristics. They are: (1) an aging population that promises to redefine aging throughout the next two decades, (2) a "held-back" cohort that marries and has children later, (3) a "sandwiched" generation, simultaneously dealing with the needs of aging parents and the needs of growing families.The aging of the population, changes in household and family structures, shifting in racial and ethnic composition, changes in residential patterns, modification in the distribution of income and wealth, changes in the needs of the labor force, and the varying global demographic picture are the major trends that will most significantly impact the social and economic development of the U.S. in the next century.