The 2010 Census confirmed something Nielsen has been noting for some time: multicultural consumers are rapidly becoming the majority in the United States and their buying power is significant. Understanding their purchasing and media habits is the next big challenge/opportunity facing marketers and brands today. Taking a deep dive into data and trends within the African American, Asian American and Hispanic communities, Nielsen’s Claudio Pardo laid out compelling statistics and a demographic framework shaping the future. It’s clear that marketers and brands will be forced to rethink their perspective — and their share of spend — when it comes to multicultural groups.
“Can anyone in the room honestly say they’re doing everything they can to satisfy the consumption needs of this population?” Pardo asked attendees. “The demographic growth of these groups is simply becoming too great to ignore.” The good news, noted Pardo, is that multicultural groups are actually more loyal to brands and there’s an opportunity to win a consumer for life.
In the past multiculturalism was talked about as a melting pot, but it’s really more like a salad bowl where each group stands out and is different in the way they value their culture and traditions. Pardo offered examples of notable distinctions in the way these diverse groups shop and consume media.
Read the entire article at Nielsen Wire.