Four Demographic Trends That Many Retailers Missed, But Not Walmart

by MR Magazine Staff

Everybody in retail knows that their success depends on understanding the customer. And understanding the customer starts with understanding their demographics. Demographics is defined as statistical data describing a population or groups within it. As a result, demographic trends shape the future of the consumer market. Because those trends are linear and predictable, retailers can see the future by simply tapping into them and adjusting their strategies accordingly. But with businesses enthralled by big data, demographics looks old fashioned and irrelevant. It has become increasingly popular to say demographics don’t matter in anymore, like a recent article in Huff Post, ”You’re Not That Special: Why Demographics Don’t Matter.” As a result, retailers have largely relegated demographics to site selection and media buying, but not much else. Read more at Forbes.