Additional Social Trends

April 13, 2006

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One great way to find market opportunities for your product or service is to study social and business trends. The challenge for you will be to see if you can find business opportunities in any of these trends:

Baby boomers entering their 60s - this group has the largest amount of disposable income in history! They're driving growth in many areas, including services, recreation, and general retailing. Consider what that means for opportunities in travel, recreation, vacations, entertainment, food, and clothing.
New boomer crop of children - while the original boomers had fewer children per household than their parents, their children seem to be having more, thus creating a new crop of boomer grandchildren. Consider what that means for opportunities in child care, toys, and clothing.
Growing disparity between rich and poor - the middle class is shrinking. Consider what that means for opportunities in home ownership, cars, entertainment, and restaurants.
Increasing globalization of business - this should, if anything, continue to accelerate in the coming years. Consider what that means for opportunities in emerging world markets, particularly in China, the old Soviet Union, and southeast Asia.
Reinvention of religion - as people continue to cast off traditional beliefs and services, others return to them even more vigorously. Consider what that means for opportunities in books, tapes, and online services.
Yearning for high-touch products and services - this includes the nostalgia induced by high-tech solutions to everything. Consider what that means for opportunities in antiques, older homes, home delivery and pickup businesses, and any business owned by friendly service-minded proprietors.
Mass customization - this is not an oxymoron but a response to global homogeneity. Consider what that means for opportunities in businesses that provide products or services individually tailored to each customer.