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Marketers often group consumers into segments based on demographic variables. The most frequently used demographic variables are:
In addition to demographic variables, marketers can segment a population based on psychographic, geographic, and behavioural variables. See market segment for a list.
The term demographics is often used erroneously for demography, the study of human population and its structure and change. Whereas demography is a descriptive and predictive science, demographics is an applied art and science. In both cases however, the objects of study are the characteristics of human populations. In the case of demography the characteristics being studied tend to emphasize biological processes such as population dynamics, whereas demographics is also concerned with a wide range of economic, social, and cultural characteristics. Demographics is interested in any population characteristic that might be useful in understanding what people think, what they are willing to buy, and how many fit this profile.
Marketers typically combine several variables to define a demographic profile. A demographic profile (often shortened to "a demographic") provides enough information about the typical member of this group to create a mental picture of this hypothetical aggregate. For example, a marketer might speak of the single, female, middle-class, age 18 to 24 demographic.
Marketing researchers typically have two objectives in this regard: first to determine what segments or subgroups exist in the overall population; and secondly to create a clear and complete picture of the characteristics of a typical member of each of these segments. Once these profiles are constructed, they can be used to develop a marketing strategy and marketing plan.
Many demographic trends are quite easy to determine. This is due to the predictability of many demographic relationships. If, for example, the birth rate increases during certain years (as indeed happened during the baby boom years), we can determine that there will be an increase in the demand for baby food and diapers. In several years there will be an increase in the demand for toys and children's clothes; after a decade an increased demand for public education, video games and music CDsCD re-directs here; see Cd for other meanings of CD . A compact disc (or CD is an optical disc used for storing digital data. It was originally invented for digital audio and is also used as a data storage device, a CD-ROM. CD-ROM reading devices are a st; after two decades an increased demand for university services, compact automobiles, rental apartments, wedding photographers, and furniture; after four decades an increase in the demand for houses, sedan cars, insuranceInsurance is the business of providing protection against financial aspects of risk, such as those to property, life, health and legal liability. It is one method of the overall concept known as risk management. Introduction In insurance, the insured make, weight-loss centres, and investment services; after six decades an increased demand for health-care services and undertakers.
Demographic trends have been used to explain everything from the demand for vacation properties, to the tennisTennis is a racquet sport played between either two players ("singles") or two teams of two players ("doubles"). It is officially called lawn tennis to distinguish it from real tennis (also known as royal tennis or court tennis , an older form of the game craze of the 1970sMillennia: 1st millennium 2nd millennium 3rd millennium Centuries: 19th century 20th century 21st century Decades: 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s 2000s 2010s 2020s Years: 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 Events and trends, to election and stock market results. Of course no social phenomena is so simple as to be explicable with demographics alone, but it is a good start. This is the meaning of professor D. Foot's (1996) often quoted claim that "demographics explains about two-thirds of everything".
Dr. Dychtwald (1989) describes the "aging of AmericaThe United States of America also referred to as the United States U. America ¹ or the States is a federal republic in central North America, stretching from the Atlantic in the east to the Pacific Ocean in the west. It shares land borders with Canada in" and convincingly argues that the changing age distribution of the American population is "the most important trend in our time". He considers the consequences of demographic facts like: the over 50 age group owns 77% of all financial assets in America, accounts for more than 50% of all new car sales (by value), spends more on travel and recreation than any other age group, etc. He asks what will happen to health care systems and social security entitlements (pension benefits) when the greying of America places additional demands on the system while simultaneously reducing the number of contributors into the system.
Sterling and Waite (1998) describe this aging trend in terms of "generational warfare". They ask what will happen to the value of the real estate and financial assets when the aging baby boomers all try to sell them. How will the younger age cohort react to this?
Other recent demographic trends include the rise of the two income family, the single parent family, and the nuclear family.
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