Multicultural Expansion in the U.S.
As we continue to focus on reaching multicultural consumers, in particularly Hispanics, we are thrilled when we find reliable market research data worthy of sharing, and beneficial for our readers.
We recently attended MultiCultural Retail 360 event in CA, we learned several key statistics from Nielsen’s The Multicultural Edge: Rising Super Consumers report.
It’s no surprise that the top growing generation of Americans consist of mixed ethnicities known as multicultural consumers. They are savvy buyers and are setting new trends while significantly spending more on products and services. In the top 25 most populated counties in the U.S., multicultural residents are already the majority. For this and many other reasons, identifying and connecting with multicultural consumers should be a top priority for many businesses.
Here are five addtional highlights from this report:
1) American Diversity is Destiny: 92% of the total growth in U.S. population from 2000-2014, came from multicultural consumers. Hispanic consumers will experience the most growth among multicultural consumers, growing from 17% of the total population in 2013 to 29% by 2060. Despite immigration declining over the years, this country will continue to become more diverse.
2) Majority of Future Growth is Driven by Latinos: By 2020, Hispanics account for over half of all growth in population and 85% by 2050.
Consequently, this growth impacts the country’s political and economic climate which plays a significant role in shaping our future.
3) Buying Power is growing exponentially: By 2014 it grew to $3.4 Trillion, a 415% increase since 1990.
Hispanics in particular are responsible for a good portion of that total. By 2015, Hispanic buying power is expected to increase to $1.5 trillion, and will continue to grow to $1.7 trillion by 2017.
4) Years of Effective Buying Power Strongest Among Multicultural Consumers: For marketers and advertisers, the greater years of effective buying power represented by multicultural consumers translate into a better long-term return on their marketing and advertisement dollars.
5) Culture Sustainability and Sharing: “Ambicultural” Identity allows many multicultural consumers to simultaneously maintain their cultural heritage and see themselves as equally American, allowing them to mix and match endless choices and products to suit their ambidextrous lifestyles and tastes. They are proponents of exchange who love to share their personal cultures and explore cultures of others.
Therfore, when marketing to the multicultural consumer it is best to gain a clear understanding of their habits. For a deeper look at multicultural consumers and their consumption habits from what they buy to how they use media, download Nielsen’s The Multicultural Edge: Rising Super Consumers report. To learn more about ConneXion Research and our market research facility in Houston, contact us today.