Multicultural Consumers Overview
Multicultural consumers will make up a growing share of the U.S. consumer marketplace in coming years, with the combined U.S. Hispanic, Asian-American and African-American population set to pass non-Hispanic whites around 2040, if current growth trends continue. via MediaPost
Successfully designed strategies and digital experiences that have multicultural consumers at the core can and often do reach into other segments. One explanation for this, according to Thomas Newman, is that “multi-cultural consumers themselves have diverse and deep cultures and connections that can be introduced to a wider audience and then adopted across the country and globally. Another is that multi-cultural consumers often have come from an ‘outsider’ perspective — which allows them to have unique insight into American culture that allows creativity to flourish. via AdAge
*However for the purposes of this blog we will be solely focusing on the African-American and Hispanic consumer populations.
Multiculturalism is the co-existence of diverse cultures, where culture includes racial, religious, or cultural groups and is manifested in customary behaviors, cultural assumptions and values, patterns of thinking, and communicative styles. via IFLA
An individual who buys products or services for personal use and not for manufacture or resale. A consumer is someone who can make the decision whether or not to purchase an item at the store, and someone who can be influenced by marketing and advertisements. Any time someone goes to a store and purchases a toy, shirt, beverage, or anything else, they are making that decision as a consumer. via InvestorWords
According to Nielsen’s The State of the African-American Consumer report –> “The African-American population is, today , the largest racial minority group in America, with a population of close to 43 million. This market segment…is making continued gains in the area of education and income. The collective buying power of the African-American population is projected to be at $1.1 trillion by 2015. Collectively the group over-indexes in several key categories (television viewing, mobile phone usage and trips to grocery channels) and exerts a large influence on popular culture and trends, indicative of the high growth industries of the future.”
According to Nielsen’s State of the Hispanic Consumer: The Hispanic Market Imperative report –> “Hispanics already account for an important share of consumer expenditures and given their youth, educational advances, and increasing spending capacity, Hispanics are fast becoming preeminent drivers of growth and likely trend setters in the marketplace.”
Below are a few videos from Nielsen that speak of the importance for marketers and business leaders alike to understand the multicultural consumer. Hope you enjoy!
Discover the MAC seeks to explore each element encompassing the “MAC” and illustrate the cross-functional relationships which exist between them.MAC = MILLENNIALS + Marketing ANALYTICS + Multicultural CONSUMERS