Question

Retail experts are finding that it is difficult to sell to older Americans because this segment:

1) is shrinking as a percentage of the total population.
2) is skeptical and uninterested in shopping.
3) barely has enough money to support its current standard of living.
4) is too busy paying off mortgages and car loans.
5) is behaving just like its parents did 20 years before.

Answer 1

The difficulty in selling to older Americans in the retail industry can be attributed to several factors, including a shrinking population, financial constraints, time commitments, and behavioral patterns resembling their parents 20 years ago.

Step-by-step explanation:

According to the 2020 Census, 22% of the U.S. population was 60 years old or older, which means that more than 74 million people have reached an age when they will need increased medical care. This increase in the senior population has significant implications for various industries, including retail. The difficulty in selling to older Americans can be attributed to several factors:

1. Shrinking population: The older segment is shrinking as a percentage of the total population, which means there are fewer older customers to target.
2. Financial constraints: Many older Americans barely have enough money to support their current standard of living, making them less likely to engage in discretionary spending like shopping.
3. Time commitments: Older Americans may be busy paying off mortgages and car loans, which reduces their disposable income and makes them less likely to prioritize shopping.
4. Behavioral patterns: Older Americans may exhibit similar shopping behaviors to their parents from 20 years ago, being more conservative and cautious in their purchasing decisions.