Posts Tagged ‘business trends’

What Will America Look Like in 2060?

January 2nd, 2013 :: Rieva Lesonsky

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.

Image by Flickr user (Creative Commons)

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Tags: business trends, Generational Marketing, Marketing, small business
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7 Healthy Food Trends You Need to Know About

October 26th, 2012 :: Rieva Lesonsky

By Rieva Lesonsky

Are you a small business owner in the restaurant or food industry? Then you need to know about 7 healthy food trends that will affect your business in the coming year. The New Healthful, a “Culinary Trend Report” from Packaged Facts, says consumers are redefining healthful to a more positive focus on the presence of beneficial nutrients and rather than the absence of harmful ones. Here are 7 growing trends:

1. Extraordinary Tap Water: Packaged Facts says we’re entering “a new era of customized and personalized, healthful beverages” all based on high-quality tap water. Consumers are cutting back on high-calorie, carbonated soft drinks, and focusing more on local, artisan crafted beverages. While this is still mostly occurring at upscale restaurants, there’s lots of room for home products to allow customizing your own drinks.

2. Heirloom Whole-Grain Bread: With artisan breads now in the mainstream at fast-food chains, the next wave is whole-grain bread featuring locally sourced, heirloom grains. Still primarily in higher-end restaurants, this trend taps into the desire for better nutrition as well as the local food movement.

3. Beans and Greens for Breakfast: There’s new interest in vegetables and beans for breakfast, as consumers look to replace sugary, starchy breakfast foods. More than just a few tomatoes in an omelet, this trend is putting main dishes featuring vegetables, beans and quinoa in the spotlight; some places are even serving up breakfast salads. So far, this trend is limited to higher-end eateries, suggesting room for growth in the more mainstream arena.

4. Healthful Vending: More and more consumers are looking for healthy alternatives in vending machines at school, work, gyms, sports arenas, airports and hotels, and companies are answering the call by developing nutritious foods specifically for vending. Oatmeal kits, grab-and-go tuna, fresh-cut fruit and vegetables with dips, and organic bowl salads are just a few of the new vending options, but the field is in the early stages and still wide open.

5. Vegan on the Menu: Veganism is attracting consumers who’ve heard about its role in preventing health problems and losing weight. New vegans are seeking more choices on vegan menus, and the addition of vegan options to mainstream restaurant menus. While vegan items are now starting to show up in mainstream chain restaurants, there’s still lots of room for growth in vegan-centric options in both foodservice and retail.

6. Chef-Inspired Healthful Kid Fare: America’s childhood obesity epidemic is still getting lots of attention, and the newest solutions focus on chef-prepared and culinary-inspired meals that taste so good, they get kids excited about healthful foods. Healthy kids’ foods are showing up on restaurant menus, in school lunches and in packaged foods, and being spotlighted in mainstream publications.

7. Veggie Burger Renaissance: The “gourmet burger” trend of the last few years is now expanding to the veggie burger. With more diners going meatless for health or moral reasons, better-tasting veggie burgers on menus and store shelves are another area with room to grow. This trend is already hitting quick-service restaurants and grocery store shelves.

Image by Flickr user Identity Photography (Creative Commons)

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Tags: business trends, food trends, restaurant, small business
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Hot Trend: Food Truck Operators Add New Services

July 25th, 2011 :: Rieva Lesonsky

By Rieva Lesonsky

If you’re in the food service or restaurant industry (or even if you aren’t), you know that food trucks are hot. These restaurants-on-wheels are a far cry from the “roach coaches” of the past. Selling everything from Korean tacos to cupcakes to schnitzel, food trucks roam the streets attracting crowds of customers in busy urban areas like downtown Los Angeles and New York City.

And apparently, food trucks aren’t a flash in the pan. The Wall Street Journal recently took a look at how New York City-area food trucks are expanding into new business models. Here’s how the trucks are expanding their offerings (and incomes):

Catering: Gourmet food trucks are now catering everything from movie and television film crews to private parties such as bar mitzvahs. Some trendy customers are even renting food trucks to cater their weddings!

Corporate clients: Some food trucks cater corporate events, of course, but companies are also using food trucks to attract clients. For instance, Yahoo! recently rented a truck to give out free whoopie pies at an event. Another truck cited in the article spends half an hour each week at one corporate office providing coffee for the company’s employees.

Advertising and promotions: Food truck owners can bring in even more money by “wrapping” the truck in the logo of a corporation so it’s a mobile promotional tool. Many corporate clients request this during events, for instance, but the trucks can also do it while they’re driving around.

Companies mentioned in the article are making from 20 to 50 percent of their income from these additional events. While some food truck owners look down at these type of events as disturbing the “purity” of their businesses, others are simply happy to have an additional source of revenue for their trucks. Trucks can typically charge more for catering and corporate events than they would make just serving food to customers on the street, so the profit margins are tempting.

If you own a food truck, or have been thinking about adding one to your restaurant, consider getting involved with catering, corporate clients or advertising options. These additional sources of income might be just what you need to make a food truck highly profitable.

Image by Flickr user Ricardo Diaz (Creative Commons)

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Tags: business trends, restaurants, small business
Posted in Innovation, Marketing, Small Business, small business | 2 Comments »