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Spot The Next Hot Trend
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Article 8: Demographic Trends
Demographically, the U.S. market is undergoing significant changes, and not slowly.
A growing foreign-born and non-English-speaking community from coast to coast includes segments that don’t automatically fit into existing market niches. Ethnic foods and foreign-language videos and music represent just a few areas in which there promises to be only more demand, not less, in the near future.
This trend provides at least two opportunities for existing businesses. For example, you might establish a Spanish-only (or Vietnamese-only or Hindi-only, etc.) branch of your existing business, or you could incorporate a foreign-language option within your current offerings.
Those who spot a trend within a trend here will see a burgeoning market for teaching English to the children of these immigrant families, who are interested in assimilating more rapidly into the culture.
Likewise, particular ethnicities have particular preferences. For example California Koreans, a large and growing community, place a high value on the training of their children in the arts and music that is not being done in public schools. Similarly, many first and second generation Chinese immigrant families highly value academic tutoring to supplement regular school lessons.
Two other demographic trends pose opportunities for entrepreneurs looking for emerging markets. The nation’s population is getting older, as the huge baby boom generation enters retirement age. This creates innumerable opportunities to cater to growing markets at the older end of the age spectrum, where needs and desires are peculiar to the age bracket.
Some opportunities are more apparent than others. The demand for golf supplies, cruise trips and financial advisors is likely to continue to increase. As are purchases of walkers, canes, wheelchairs and hearing aids.
But all of these and similar golden age-specific products and services carry with them the opportunities for capitalizing on less visible trends too. There is a growing demand for vendors who cater specifically to this age range by aggregating related products and services to provide the convenience of one-stop shopping. Think, the Old Folks’ Store.
Within the aging trend are even more trends. The retiring trend. The sickly trend. The leisure-time trend. The part-time employment trend. The extended family trend.
Each of these niches contain their own particular demands for products and services. And each is growing. That means there also is a growing market for entrepreneurs who can identify and meet the demands of such demographic trends.
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