Nielsen has recently released their first multicultural consumer report titled “The Multicultural Edge: Rising Super Consumers” which identifies multicultural consumers as the most dynamic and fasting growing segment of the U.S. consumer economy. According to Nielsen, multicultural consumers are spending $3.4 trillion and are the most dynamic and fasting growing segment of the U.S. consumer economy.
“The Multicultural Edge: Rising Super Consumers report builds on Nielsen’s previous series of reports on the attitudes and spending behaviors of African-American, Asian American and Hispanic consumers,” says Mónica Gil, senior vice president and general manager of Multicultural Growth and Strategy, Nielsen. “The unprecedented influence of multicultural consumers on the behavior of non-multicultural shoppers is upending outdated assumptions and enlarging and expanding the multicultural market opportunity, which may be the key to the future.”
Making up 38% of the US population, multicultural consumers are young, in their prime, and are expected to become the majority in 2044. Brands are starting to realize the importance to multicultural marketing and how they differ in different metro areas, resulting in the need for ethnic and cross-cultural marketing.