Census Data is available to us all. These statistics are a must read if you are directly responsible for the retail assortment mix (or an influencer). Census data is like a retail compass, shedding light on consumer demographic trends and the changing landscape. Read below for some staggering statistics that will influence your purchase decision.
Yet how many Merchants/ Category Managers utilize this FREE public data to their advantage? How can Census Data help a Merchant?
Merchants are responsible for sales and the gross profit via their assortment mix they list and planogram. Some argue, if one does not understand future trends in the market, one can not effectively select what products consumers will want. Studying Census data will give many clues if studied. See below some statistics and how they could shape your assortment mix.
2011 Canadian Stats affecting Retail Assortment/Services
– Married couples are in long-term decline
– Aging demographics: people>80 on the steady rise…
– The size of families has shrunk (in 1961 avg fam size was 3.9 people, now it is 2.9 – post baby boom)
– For the first time, Stats Canada found there are more people living alone in Canada then there are couples with Children (one-household persons make up 27.6% of all homes. Couples with children represent only 26.5%!)
– In 2011, the most typical family was a couple with no children! In fact 44.5%
– Empty nesters are not so empty! The 2011 census shows some 42.3% of young adults aged 20-29 are living at home. In 1981 it was 26.9%
Cut and paste: http://www.huffingtonpost.ca/news/canada-census/ or Google 2011 Canada Census.
Tips/Advantages to Understanding Census Data
1. Work with your vendor community so they submit an assortment mirroring your target market’s trends
2. Add value to your organization and stand out of the crowd
3. Your assortment mix will be differentiated from the competition and mirror the consumer ‘wants/needs”
To learn more: read about Merchandising Course offered at University of Toronto. Next Semester Sept-Dec 2013 http://2learn.utoronto.ca/uoft/search/publicCourseSearchDetails.do?method=load&courseId=1711715