African Americans, Asian Americans and Hispanics represent approximately 40% of the U.S. population. And that number is growing—quickly. In fact, according to the U.S. Census, the U.S. will be a multicultural majority nation by 2044, meaning that African Americans, Asian Americans and Hispanics together will comprise 50% or more of the population.
Business strategies need to consider multicultural consumers today. Together, multicultural consumers have an impressive spending power of $3.2 trillion. And with such massive spending power, it should be no surprise that multicultural consumers have contributed $14 billion of sales growth to the consumer packaged goods market since 2013.
Still, reaching these consumers requires culturally nuanced and authentic engagement, and some businesses are missing the boat. For businesses looking to connect with these consumer segments, data and insights are essential for ensuring their products and advertising resonate.
This episode of The Database explores the multicultural consumer of today. We learn what drives African Americans, Asian Americans and U.S. Hispanics to spend, what categories they outspend the general population, why they’re such important consumers for brands to pay attention to and how marketers can reach and engage these shoppers.
Our guests on this episode include Cheryl Grace, SVP of U.S. Strategic Community Alliances and Consumer Engagement, Nielsen; Mariko Carpenter, VP of Strategic Community Alliances, Nielsen; Stacie de Armas, VP of Strategic Community Alliances, Nielsen; Vanna Tran, Director of Multicultural Growth and Strategy, Nielsen; Andrew Mccaskill, SVP of Communications for Diversity & Inclusion, Nielsen; Gorki Delossantos, Director of U.S. Media Communications, Nielsen; and Wilburt Carpenter, Manager of Events and Industry Partnerships and Co-lead of the SABLE employee resource group, Nielsen.