How Aging and Declining Populations Will Drive Product and Company Demand Tailwinds/Headwinds: GS SUSTAIN: DEMOGRAPHICS TO DEMAND

Research evidence excerpt

How Aging and Declining Populations Will Drive Product and Company Demand Tailwinds/Headwinds: GS SUSTAIN: DEMOGRAPHICS TO DEMAND

Equity Research

22 June 2026 | 2:17AM BST

GS SUSTAIN: DEMOGRAPHICS TO DEMAND

How Aging and Declining Populations Will Drive Product and Company Demand

Tailwinds/Headwinds

In the latest installment of our Demographic Dilemma series, greatest demographic tailwinds vs. those with the Evan Tylenda, CFA

+44(20)7774-1153 |

we evaluate the growing influence of spending shifts in aging greatest headwinds. evan.tylenda@gs.com

Goldman Sachs International

populations and how they will impact product, industry, and n Over the last three years, we have seen companies with Grace Chen

company demand. We introduce our Demographic-Driven +44(20)7774-5119 | better demographic outlooks as implied by our grace.j.chen@gs.com

Demand (DDD) framework — covering ~3,000 companies Goldman Sachs International framework witnessing larger consensus revenue beats

— to identify which industries/companies have the greatest Brian Singer, CFA and smaller EPS misses at their results relative to those +1(212)902-8259 | brian.singer@gs.com

demographic-driven demand impact vs. a 2023 baseline Goldman Sachs & Co. LLC with poorer demographic outlooks.

Corbettbefore accounting for product differentiation or shifts in Brendan | +1(415)249-7440

corporate strategy. brendan.corbett@gs.comGoldman Sachs & Co. LLC

Xavier ZhangWhile the demographic shifts of aging, rapidly falling fertility +852-2978-6681 | xavier.zhang@gs.com

rates, and declining young populations — developed Goldman Sachs (Asia) L.L.C.

Sharon Belleconomies are set to experience retiree growth (ages +44(20)7552-1341 |

65+) of 4 million annually, while core consumers aged sharon.bell@gs.comGoldman Sachs International