Opportunity Awaits Brands Targeting the New U.S. Majority Today

Why is this important amp160As these numbers increase this expanding population segment will touch every aspect of public life ranging from education politics pop culture and products consumed to measurement in research amp160In short this is a market that is growingamp160and that spends money clearly key considerations of any brand marketerNow consider the contribution of this segment from a strictly demographic perspectiveMulticultural Population is Ensuring America39s GrowthFrom 2010 to 2015 the US added over 12 million new residentsamp160 The multicultural population accounted for almost all 99 of all the new population growth during this time amp160In other words without this segment population levels in the US would have remained flat over these five yearsThe Hispanic population had the largest numeric growth with the addition of more than six million new Hispanics in the US during this timeframe The Asian and Black NonHispanic population segment each rose by three millionMulticultural Population is Making America YoungerA majority of America39s underfive age group is multicultural and that skew is expected to grow as we approach the next decade A closer look at 2015 registered births in the US reveals that the number of states where oneamp160out of twoamp160births came from mothers of multicultural heritage more than doubled in 10 years from fiveamp160in 1995 to 11 states adding Arizona Florida Georgia Maryland Nevada and New JerseyWe know that youth markets whether Millennials or Gen Z are increasingly valuable to advertisers amp160With that audience trending to be mainly multicultural brands speaking to young people are in essence speaking to the multicultural market amp160This is also a market that is vocally unapologetic as to its interest and passions channeling that advocacy in eradefining hashtag activism such as OscarsSoWhite TacoTrucksOnEveryCorner andamp160NoConfederate amp160Recalling the spending power and value placed on specific cultural nuances a deft touch would benefit marketersContributing to America39s Future Labor Force There is an economic advantage to having a diverse population amp160The persistent inflow of immigrants and their descendants will replenish an aging demographic amp160Not only are we expecting them to add to the labor pool but they will also contributeamp160new ideas and methodsExperts talk about how the US Hispanic population will expand years down the roadamp160 The fact is that this segment has and will continue to grow quotDown the roadquot can just as easily be redefined as quotnowquot amp160Currently Hispanics are the nation39s second largest race or ethnic group behind nonHispanic whites representing about 18 of America39s total populationamp160 Today six of the top 15 most popular surnames in the US are of Hispanic originGetting beyond the general to key segments makes the point even more sharplyIn the top two most populous states in the nationamp160California and Texas Hispanics are already a majority in the under18 age group amp160In key states such as Florida and New York about onethird of this age group is already HispanicIn 2015 nearly one out of four registered births in the US is Hispanic a number that grew 36 in 10 years amp160This trend is expected to continue driven by the relatively high concentration of Hispanics in childbearing years and the wave of US born Hispanics entering adulthoodThe story of the opportunity that multicultural markets represents to brands is quickly being written amp160One clear plot point is that the growth and scale and subsequent purchasing power of the multicultural market should be embraced amp160The success of brands across a wide spectrum of categories will be directly linked to the quotnew majorityquot which should be an exciting prospect to astute marketers poised to take advantageNext Week amp160Brand and the Power of the Hispanic StorySource US Census Bureau ACS 20112015 5year estimates CDC National Vital Reports 2015 vs 1995Click the social buttons above or below to share this story with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writers amp160

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Opportunity Awaits Brands Targeting the New U.S. Majority Today

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Jed Meyer

"About That" with Carl Mayer: Corinne Casagrande (Episode 8: Consumer Spending) - By Carl Mayer

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Opportunity Awaits Brands Targeting the New U.S. Majority Today

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Jed Meyer

"About That" with Carl Mayer: Corinne Casagrande (Episode 8: Consumer Spending) - By Carl Mayer

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