July 17, 2013: Buy, Buy, Baby
Just two weeks ago I told you about all the products being sold in anticipation of the Royal Baby (Great Britain’s Prince William and Kate, the Duchess of Cambridge) being born. But the newest royal-to-be is not the only baby news making headlines. Last month New York magazine pointed out that although “American births are at a 25-year low,” the baby business is booming.
Some of the stats New York cites are truly staggering. For one, market research firm Packaged Facts predicts the 2013 baby market will ring up sales of more than $49 billion. Among the businesses that have sprouted due to the boom in baby spending are baby expos. These are essentially trade show with exhibits featuring products and services geared to new parents. Also booming are local, baby-oriented publications. If these types of businesses don’t exist in your area, look into whether the demographics of your area can support these ventures.
And if you’re concerned about getting into the baby business (or expanding the business you have) due to the declining birth rate, don’t worry. The birth rate should be picking up again soon, as the leading edge of “echo boomers” (those born in the late 1980s) enter their mid-twenties and start getting married and having families.