The demographic makeup of the US will change dramatically over the next 10 years, and a new report from a group of Credit Suisse analysts led by Seth Sigman shows that those changes could have a big impact on consumer spending and the well-being of certain industries.

According to the report, the following demographic changes will have the biggest impact on consumer spending:

“Lower growth in under 25-years-old cohort.” Declining birth rates will translate into a decline in the growth of people under 25 years old. The population of this group is set to increase by just 1.3% in the decade from 2016 to 2026. “Growing young adult population.” Millennials, the largest population group, are about to enter the “sweet spot for spending.” “Shrinking middle-age population.” The so-called middle-age cohort, people ages 45 to 64, is set to decline by 2.8%. “Growing older population.” The older population, people 65 years and above, is expected to grow by 37.1%.

“Our analysis is most positive for Home Improvement, Leisure-related categories (e.g., RV’s, boats), and Staple categories (Healthcare, Household Supplies, Food at Home) based on expected growth in the young adult and 65+ age cohorts, while less positive for Apparel/Footwear, General Sporting Goods, Home Furnishings, Casual Dining, based on a shrinking middle-age group,” the analysts wrote.

Following are 14 stocks Credit Suisse thinks could be negatively affected by demographic changes in the US.

Hudson’s Bay Company

Demographic driver: Shrinking middle age population, – Old population spends less

Source: Credit Suisse

JCPenney

Demographic driver: Shrinking middle age population, - Old population spends less

Source: Credit Suisse

Nordstrom

Demographic driver: Shrinking middle age population, - Old population spends less

Source: Credit Suisse

Kohl's

Demographic driver: Shrinking middle age population, - Old population spends less

Source: Credit Suisse

Macy's

Demographic driver: Shrinking middle age population, - Old population spends less

Source: Credit Suisse

Phillips-Van Heusen

Demographic driver: Shrinking middle age population, - Old population spends less

Source: Credit Suisse

Ralph Lauren

Demographic driver: Shrinking middle age population, - Old population spends less

Source: Credit Suisse

Denny's

Demographic driver: Shrinking middle age population, - Old population spends less

Source: Credit Suisse

Bloomin' Brands

Demographic driver: Shrinking middle age population, - Old population spends less

Source: Credit Suisse

Pier 1 Imports

Demographic driver: Shrinking middle age population, - Old population spends less

Source: Credit Suisse

Williams Sonoma

Demographic driver: Shrinking middle age population, - Old population spends less

Source: Credit Suisse

Dick's

Demographic driver: Less growth in ​<25-year-old population.

Source: Credit Suisse

Hibbett Sports

Demographic driver: Less growth in ​<25-year-old population.

Source: Credit Suisse

GameStop

Demographic driver: Less growth in ​<25 year old population.

Source: Credit Suisse

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