The Road Ahead… Retail Growth Coupled with Demographic changes offer opportunities for development
According to the key economic indicator - the U.S. economy is healthy. Unemployment is 4% (lower than 4.4% a year ago). Gross domestic product (GDP), the measure of the nation's production output, is expected to remain between the 2% to 3%. And, both inflation and/or deflation appear to be in check. Coupled with this solid economic picture is the buying power of four (4) generations - Baby Boomers (54-74 years old - 74 million in U.S.), Generation X (39-53 years old - 66 million people in U.S.), Millennials (24-38 years old- 71 million in the U.S.) and Gen Z (3-23 years old - nearly 74 million in U.S.), according to Pew Research. Consumption Expanding As owners and developers take advantage of this economic environment, there is a real need to address the wants of these four large generations. According to ICSC Research, the next 10 years will have expended consumption from these generations. Generally, Boomers will be looking for more medical and healthcare offerings, Gen Xers and Millennials more household items as they purchase homes and rent apartments, and Gen Z more entertainment options…. And don’t forget the Alphas, that’s the newest generation that started in 2016 for children born 2016 to about 2030, according to Goldman Sachs analysts.