As we approach the 21st century, the marketing function remains concerned with serving customers and consumers effectively. While developing better marketing processes and programs, we need to be aware that demographic shifts and emergence of facilitating technologies in production, distribution and personal use are affecting consumer behavior and therefore the marketing function. For example, demographically we are witnessing the following major trends — aging of population, larger proportion of working women, decline of the middle class and increasing ethnic diversity. These trends are unique that they are occurring simultaneously, have long term impact and will effect society and the marketing function. The paper examines the changes in the demographics and evolving technologies that are leading to changes in consumption patterns. The effect of changing consumer behavior on the performance of firms and the marketing function are highlighted. Directions for future research and managerial implications are also drawn.