Beyond in-store clinics and the traditional health care aisle of the store, a handful of departments should be top of mind for drug store retailers where more multicultural dollars are spent in comparison to non-Hispanic whites.
Hispanic Baby Boomer (50-64) and Greatest Generation (65+) consumers are redefining retirement by living and working longer, establishing increased wealth potential and bearing the torch as the cultural matriarchs in their families and communities.
Proud of their roots in a continent that represents over 60% of the global population, hailing from more than 40 countries, and speaking dozens of languages, Asian-Americans are sharing their unique stories, influencing tastes and trends, displaying their style, and flexing their wallets.
By mid-century, the U.S. will be a “majority minority” nation. By 2060, fewer than five in 10 will be white non-Hispanic. This level of demographic change represents a remarkable challenge for retail real estate investors, developers, advisers and retailers. It’s also a remarkable opportunity.
By 2031, visible minorities in Canada are expected to account for one-third of the country’s population. While the growing diversity speaks to notable opportunity, many Canadian consumer packaged goods companies are failing to adjust the way they market to this new demographic and might be missing out on growth.
Today, Canada is home to 6.8 million foreign-born residents, and that shift is worth noting for any marketer interested in ways to make products and services that cater to Canada’s evolving demographic landscape.