The Future of the Youth Consumer: Indexed Growth of Projected Youth Population 2015 to 2025 (10-Year Span)
This is the second in a series of factoids detailing demographic shifts over the next five and ten years that will impact the Youth Furniture industry. By studying population projections, the Furniture industry can better gauge potential for Youth Furniture growth.
The chart shows the Indexed Growth in the youth population by age range over the next ten years. Note that indexing is an effective way to compare growth rates (as opposed to size of the population). Looking at the youth population age segments, the group “Under Five Years” is projected to have the highest gains in population by 2025 – increasing 5.2%. This youngest age segment is expected to grow an average of 0.5% per year, while the three older youth age segments are projected to experience multiple dips and minimal growth in comparison.
Ages 5 to 9 are still reeling from the lower birth rate during the Great Recession and the group is expected to decrease by (-1.4)% from 2015 to 2018. Youth Under 5 will then begin to age into this group – causing an estimated increase of 4% from 2018 to 2025.
Over the next 10 years, both the tween and teenage groups are projected to diminish or remain flat. They will not pick up steam again until more than ten years out when an expected increase in birth rate and the migration of the grandchildren of the Baby Boomers into these age segments boost these tween/teens in the decades to come.
Source: U.S. Census Bureau, Projections of the Population of the U.S.