U3L2: Analyzing Changes in Canadas demo Flashcards
What is the trend observed in population growth? What is the impact on Canada?
TREND: Annual growth rate has averaged around 2% a year. However, recent growth rate has increased to 1-4% a year due to immigration.
IMPACT: More opportunities for business expansion in large urban areas, high rise condos will likely result in increasing high demand of tech enabled services (ex: online grocery stores, transportation alternative like uber, etc)
What is the trend observed in an aging population? What is the impact on Canada?
TREND: the pop’n aged 65+ will increase by close to 60% over the period 2019-2036 as compared to an increase of under 10% for the younger population. Older households consumer expenditures will increase. Decline of 8% in pop’n aged 55-64 –> “baby bust”
IMPACT: Presents challenges for governments and business (company will need to change products as young families are replaced w/older couples and women), e-shopping and home delivery will increase, better transportation and senior programs, better tech.
What is the trend observed in immigration and cultural diversity? What is the impact on Canada?
TREND: The growth percentage from 2002 starts at 1.2%. After, it had a decline in 2015 going down to 0.7%, then it spiked at 1.4% in 2019. After 2019, it had a slow decrease until 2036. 22% of the pop’n are immigrants which is the highest since confederation.
IMPACT: Boosted cultural diversity, esp in cities like Toronto and quebec. It also creates a challenge for marketers who must adapt to the very needs of the diverse Canadian audiences.
What is the trend observed in “A minority of households with children”? What is the impact on Canada?
TREND: Shows that fewer households have children and more people are living alone/or couples w/o kids. In 2019, less then 40% of households included children, a decline from the past. About 28% if households in 2016 were single person homes and this number is expected to grow.
IMPACT: More people are living alone could feel lonely, especially older people. People w/o kids may have more freedom for travel, hobbies, and career. With more people living alone, or couples, there will be a higher demand for smaller homes.
What is the trend observed in women? What is the impact on Canada?
TREND: Women account for 53% of university educated labour. Over 2001-2007, median increase by 27% due to higher income. 1/3 are lone parents or live in a non-family environment.
IMPACT: With higher earnings, young and middle aged women balance work and family responsibilities. Women take leadership roles and can become primary earners. Push’s Canadians towards a more balanced and inclusive structure.
What is the trend observed in generations? What is the impact on Canada?
TREND: Pre-boomers (age 74+), boomers (54-73), gen x (40-55), millennials (24-39), and gen z (under 24)
- Millennials: 8.3Mill and diverse, older ones have established jobs and started families + own a home, younger ones are still in school or recently graduated living w fam in condos.
- Gen X: Known as the forgotten gen, established in their careers and family life but struggle to balance them, over the next gen they will be in their prime.
- Boomers: 9.3Mill and diverse, young ones employed.
Overall the trend is that younger gens are still in skool/unemployed while the older ones are established.
IMPACT: Lower gens are more in their peak like millennials and gen z. They are finishing school and finding full time jobs. This can impact the older gen w/workplace looking for younger ppl. However, more workplaces are accepting older ppl cuz of the aging pop’n increasing.
