Demographics

Question 1

What are demographics

Answer 1

Demographics = The study of population in terms of: Age, gender, race, size of house

Question 2

What impact do demographics have on costs

Answer 2

Adjusting the workplace for older consumers and employees
Training costs for migrant workers
Impact of migrant workers on wages
Immigrants moving to a destination could lead to the rents around that area to rise.

Question 3

What impact do demographics have on demand

Answer 3

Demand for different categories of goods and services, for instance: Luxury Goods would be more sought after by older consumers, as they tend to be more wealthy than the younger consumer.

Climate can affect the demand of certain goods and services, for example: Umbrellas, Car Cleaning, Ice cream vans.

A product may have a majority of its consumers be from a certain minority, for example: Bibles, Chinese restaurants, Indian restaurants, hijabs.