Marketing Review — Summer 2008 - (Page 4) TRENDS CONTENTS 9 P0PULATION 1 The world’s population will grow to 9 billion by 2050. 2 Population of the developed world is living longer. 3 The elderly population is growing dramatically throughout the world. 18 Two income couples are becoming the norm in most of the industrialized lands, although in the United States the trend toward greater employment among women is slowing. 4 Mass migration is redistributing the world’s population. 25 ECONOMIC 19 The economy of the developed world is growing steadily, with only brief interruptions. 20 The global economy is growing more integrated. 21 Consumerism is still growing. 22 Research and development play a growing role in the world economy. 5 Important medical advances will continue to appear almost daily 6 The physical-cultural, and personal-health movements are improving health in much of the world—but they are far from universal. 23 Services are the fastest growing sector of the 15 SOCIETAL 7 Societal values are changing rapidly. 8 Privacy, once a defining right for Americans, is dying quickly. global economy. 24 Women’s salaries are approaching equality with men’s—but very slowly. 9 Time is becoming the world’s most precious commodity 10 The women’s equality movement is losing its significance, thanks largely to past successes. 31 WORK & LABOR FORCE 25 Specialization continues to spread throughout industry and the professions. 26 The traditional age of retirement losing its significance. 11 Despite some xenophobic reactions to immigrants, there is growing acceptance of diversity. 27 Second and third careers are becoming common, as more people make mid-life changes in occupation. 12 Tourism, vacationing, and travel (especially international) continue to grow with each passing year. 13 Education and training are expanding throughout society. 14 Advanced communications technologies are changing the way we work and live 28 The work ethic is vanishing 29 Labor unions are losing their power to secure rights for workers and to shape public policy in regard to workplace issues. 21 GENERATIONAL & FAMILY 15 Family structures are become more diverse. 16 Young people place increasing importance on economic success, which they have come to expect. 34 ENERGY 30 Despite efforts to develop alternative sources of energy, oil consumption is still rising rapidly. 31 Contrary to popular belief, the world’s confirmed oil supply is growing, not declining. 17 Generation X and the Millennials are gaining social and organizational influence. 32 When not perturbed by greater than normal political or economic instability, oil prices average about $65 a barrel. 4 55 TRENDS FOR TRAVEL & HOSPITALITY • SUMMER 2008
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