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Is Your Business Ready for the Changing Face of the U.S.?
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A slower birthrate, the aging Baby Boomers, a record number of retirements due to the COVID-19 pandemic and slowing immigration. All these factors are having a profound impact on the U.S. economy and future GDP growth. In this episode, Wayne Best, chief economist at Visa, shares his findings from a new white paper, The Golden Years Planning for the Changing Face of the United States. Find out how your businesses can prepare for these changes.
Skip ahead to these topics:
1:02 – About Wayne’s background
1:40 – What inspired the new white paper, The Golden Years: Planning for the Changing Face of the U.S.
2:46 – The main findings about key populations shifts
5:40 – Is a decline in GDP inevitable?
8:35 – Will record number of new business formations offset slower growth
10:00 – Our spending habits are predictable; adjust your marketing
13:00 – Segmentation is back and is necessary for your business
15:00 – Boomers will no longer be the biggest spenders, but still relevant
17:25 – Biggest surprise of research: businesses’ focus on millennials
18:50 – Predicted growth patterns are not destiny if we change rules
20:30 – Anticipate shrinking market by growing new segments
Read more insights at visa.com/economicinsights
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