Aging populations and falling fertility rates are poised to materially reshape consumer demand by the end of this decade, according to Goldman Sachs Research. A new Demographic-Driven Demand framework quantifies the impact: developed economies will see retiree growth of 4 million per year alongside accelerating declines in core consumers aged 35-55. That’s expected to create a 0.6 percentage point advantage in annual demand growth for sectors with the greatest demographic tailwinds vs. those with the greatest headwinds.