By Rieva Lesonsky
The U.S. population is getting older and more racially and ethnically diverse, which will mean some big changes in the face of the population by 2060, say projections recently released by the U.S. Census Bureau. The projections of the nation’s population by age, sex, race and Hispanic origin between 2012 and 2060 are the population projections to be released based on the 2010 Census. Here are some of the trends the Census Bureau foresees, and what they’ll mean to your business.
- The U.S. will become a “plurality,” with the non-Hispanic white population still the largest single group as of 2060, but beginning in 2043, no one group will be the majority.
- The population will projected to grow much more slowly in the next several decades due to lower projected birth and immigration rates.
- The number of seniors will increase dramatically. The population age 65 and older is projected to more than double by 2060, from 43.1 million today to 92.0 million. That would mean one in five Americans would be over 65, compared to one in seven today. The number of people age 85 and older will grow even more dramatically, more than tripling from 5.9 million to 18.2 million, or 4.3 percent of the population.
- Baby Boomers (born between 1946 and 1964) currently make up one-fourth of the population, but by 2060, the youngest Boomers will be 96, and Boomers will account for just 0.6 percent of the population.
- The non-Hispanic white population will peak in 2024, then gradually decrease. At the same time, the Hispanic population is expected to more than double. By 2060, almost one in three U.S. residents will be Hispanic, compared to about one in six today.
- The Asian population is also growing strong, projected to more than double from 15.9 million in 2012 to 34.4 million, or 8.2 percent of the population, by 2060.
- The black population will remain fairly stable, increasing just slightly from 13.1 percent of all Americans in 2012 to 14.7 percent in 2060.
- Multiracialism will take hold, with the number of people who self-identify as being of two or more races projected to more than triple, from 7.5 million to 26.7 million, by 2060.
- By 2060, the total minority population will double and minorities, which currently make up 37 percent of the U.S. population, will account for 57 percent of the population.
- Older Americans will be predominately non-Hispanic white, but younger Americans will increasingly be minorities. For example, by 2060, just 32.9 percent of Americans under 18 will be non-Hispanic whites.
How will these trends affect your business? I see so many ways, but here are a few that stand out: Products and services for seniors will continue to be hot, with different options and markets depending on whether you’re pursuing the “oldest old” or their kids, the 65-to-85 age group. And if it doesn’t already, your marketing will need to reflect America’s increasingly diverse culture, especially if you’re marketing to children, families and parents.
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