DEMOGRAPHY THE WORLD IN MOTION
If we ask an economist or a financial expert to predict what the world will be like in 2050, the response may be interesting, but it’s unlikely to be accurate. In a fast-moving world, subject to endless crises, it is impossible to foresee how the world economy will evolve. By contrast, a demographer can say with near certainty how the world will look in 2050, as calculations are solidly anchored in slower-changing age structures.
This predictability can be extremely useful since demography will be one of the greatest determinants of our collective fate in the 21st century. It has never been so important to understand how many we will be, where we will live and for how long. This is key to understanding the profound changes occurring in our world and how these changes impact the way companies and brands should define their strategies.
By mid-century the world’s population will reach 9.1 billion people (compared to 7.3 billion in 2015). At the same time, there will be major changes in the age structure, with approximately 40 percent of the population over 46 years old. People over 61 may well reach 2 billion between 2050 and 2060 (20 percent of the world’s population) and, by 2025, 75 percent of the world’s workforce will be made up by Millennials (the cohort born between 1978 and 1996, therefore aged 20 to 36 in 2016).
100 YEARS THAT CHANGED HUMAN GEOGRAPHY
In the next 15 years Millennials will lead and transform the world
KNOWING THE MILLENIALS
Consumer habits will change at an incredibly fast pace in the next few years. And this enormous change will be led by a very particular group of individuals: Millennials.
Who are they? What drives their attitude toward consumption? What are they looking for? How do they see the world? What inspires them?
The answers to these questions are fundamental keys to understanding the major future trends in the economy, and particularly in the retail industry, for the next decades.
Millennials seek transparency, connectivity, authenticity and social responsibility. And they chase these persistently. They are not willing to give up these values which are embedded in their consumption habits, and will become increasingly significant as their purchasing power increases.