The global demographic is going through a rapid change. Although people are living longer, and life expectancy is increasing in developing economies, there is still a growth in the number of younger population worldwide. A study by Euromonitor looks at the 10 countries with the youngest populations, and found that there are now 3.5 billion people under the age of 30 worldwide, an increase from 2.7 billion in 1980. Here, H Acquisitions review this study, and assess how business can use it to change the way they operate in the future.
“Although a lower percentage of the population is under 30, there’s still been a big increase in the numbers of young people”, said the managing director of H Acquisitions. “These people are the new demographic that businesses should strive to connect with. They’re the decision makers and innovators of tomorrow.”
The study shows that China and India have the youngest population in terms of size, with 497 million and 704 million people under 30 respectively. These numbers could give a huge boost to their already growing industries, as there will be a ready supply of workers. It also means, however, that these countries will be much bigger consumers of all goods, thus creating huge opportunities for businesses in the United Kingdom.
The large youth populations in developing countries can help them grow their economies, and escape from poverty. This will create more markets for businesses to export to, as well as start up companies wanting the expertise that the USA can provide. In order for the youth explosion to benefit these countries, the governments of the nations must improve infrastructures and open up education. It remains to be seen whether this will happen, but if it does the implication for economies across the globe will be huge.
“These under-30s will soon be the decision makers in their countries”, said the managing director. “They will develop fresh ideas, not only in governance but in business too. It’s from these ranks that the next entrepreneurs will emerge, and the products and services that they create will transform our country just as much as theirs. Knowing and understanding your target market in these developing countries can help your business reach its true potential.”
Businesses, even small to medium enterprises, should now look to expand into global markets, and there will be ever more opportunities to do so. H Acquisitions can help you understand these markets, and find effective ways to grow your brand in new territories.