The Millennial generation in the U.S. is now 75 million strong, making it the country’s second-largest age cohort, just behind Baby Boomers. Like any generation, Millennials are not homogenous, as the group includes consumers from a wide range of ages and ethnic backgrounds. Notably, 42% of U.S. Millennials are people of African-American, Asian-American and Hispanic heritage.
As the newest independent consumer group, multicultural Millennials are carving their own paths forward in several ways: They are bridging gaps between their own generation and others, and they are bridging gaps between their birth cultures and others. This group’s comfort in different scenarios and cultures creates a virtual “multiplier effect,” a key distinction from non-Hispanic white Millennials.
Multicultural Millennials’ buying habits are inspiring successful, popular cultural trends, and they’re having a profound impact on the group’s peers, parents and children. While multicultural Millennials are comfortable in different cultures, they take extra steps to maintain their critical connection to their own culture. Nielsen’s Multicultural Millennial: The Multiplier Effect report identified major metropolitan areas where these cohorts live, top fast-moving consumer goods categories where they spend their money, as well as categories with high growth potential.