An aging population along with an increase in the percentage of immigrants driving recent U.S. population growth could impact the automotive claims and collision repair industries. "A Changing Horizon: The Impact of Age and Ethnicity on the Auto-Physical Damage Industry," written by CCC Information Services Inc. Lead Analyst Susanna Gotsch examines these factors.
"In the next ten years, our country could experience a historical first of having four distinct generations working side-by-side: Generations X and Y, the Baby Boomers and the parents of Baby Boomers," said Gotsch. "This is coupled with estimates that 40 percent of the new growth in U.S. population is from new immigrants. It is interesting to look at what kind of impact these factors will have on things like claim frequency and severity patterns."
The areas Gotsch examines include:
-- Shifts in the location of high growth regions;
-- A change in marketing to a changing demographic;
-- An aging workforce;
-- The potential shift in vehicle mix.
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