Most Influential Consumers Of America In 2020

ROCKVILLE, Md.The face of the American consumer is changing, and is more likely to be a senior, a woman or a Latino by 2020, according to new data from Packaged Facts.

The report, "Americans in 2020," predicts socio-economic shifts will put seniors, women and Latinos in more power as consumers. Growing populations and higher levels of education will combine to create greater retail impact as a result of increased numbers and financial clout.

The percentage of the U.S. senior populationpeople ages 65 years and olderwill increase from 41 million in 2010 to 56 million by 2020. With these demographic shifts, seniors will account for 42% of the total population growth. 

Growth in Latino spending power is primarily due to growth in numbersthe Hispanic population in the United States will reach 64 million by 2020, and will be one-third as large as the non-Hispanic Caucasian population (199 million) and larger than the African-American population (42 million).

Beyond raw numbers, an increasingly educated populace of Latino Millennials is leading a surge in greater diversity in Americas residential communities and vocational sectors. Greater education among Latinos also hints at greater financial clout by 2020, and an even deeper impact on the retail market. This could increase demand for authentic, regional foods, and natural foods and beverages like coconut water.

Delayed marriage combined with a greater pursuit of higher education will allow women in the workplace to secure more positions of authority and affluence, ushering the nation into an era of income equality among the genders.

Additionally, more than half of first-born children are born to unwed mothers, resulting in female-headed households. By 2020, this trend is predicted to shape the future of American households.

As consumer segments change, retailers must be equipped to adapt to resulting trends. Already, the retail food industry is changing, as supermarket and grocery retailers are sharing consumers with growing competition, including drugstores, dollar stores, limited assortment chains and online grocery shopping.