Everyone keeps talking about millennials and their shopping habits.
But that doesn't mean they will be the only influential consumers in America's near-term future.
A Morgan Stanley team led by Paula Campbell Roberts argues that two other demographic groups will also be key drivers of future consumption trends in the US: Hispanics of all ages and whites over 65.
The team writes that in the next five years the proportion of Americans who identify as Hispanic or Latino will increase by a "whopping" 1.6 percentage points and that of people over 65 will increase by 0.9 of a percentage point. Meanwhile, millennials' share of the population will increase by only 0.6 of a percentage point. Moreover, 52% of the US's population growth will be driven by the Hispanic population. READ MORE AT BUSINESS INSIDER
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