Demographic update from Pew
Its been a while since I looked at demographics and the shifts between the demographic groups. This analysis is important because it spells out the banking audience and demographics don’t lie. Booms in housing and in cottage prices are all tied to demographics and the size and income of generational shifts.
Demographics also spell out the nature of the banking audience and we can imply certain high level behaviours relative to technology.
This from Pew notes that in 2015 Millenials are officialy the largest demographic, overtaking Baby Boomers.
This is significant because at ages 18 – 34 at least half of them are entering reasonable income age, and say 10% are entering strong earning period. With the oldest born in 1981, they have never not known technology, and the youngest born in the mid/late 90’s were immersed in games and web. By teen years smart phones (iphone – 2007) were part of the lifestyle.
This combined with the strong showing of Gen X suggests a demographic of US 130 million or 30ish % of the population for most westrn countries.