As the population of ethnic groups increases, so does their buying power. The 2020 Census shows that the collective buying power of Hispanics, Blacks, Asian-Americans, and Native Americans has reached $3.9 trillion and is increasing. Furthermore, Census data projects that in 2045, non-Hispanic whites will account for less than half of the U.S. population. To address the growing influence of the multicultural market, brands must consider what makes these consumers different, from culture and customs to experiences and languages.
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