Author: Annette Malave, SVP/Insights, RAB
Over the next 20 years, the U.S. population will be comprised mostly of multi and intercultural individuals according to U.S. Census population projections. This growth is attributed to the increase in the number of Asian, Blacks/African Americans and Hispanics/Latinx in the country and is being viewed as the catalyst of brand and revenue growth by advertisers and marketers alike.
Combined, these groups are projected to yield a buying power of $4.7 trillion by the year 2020 – up from $3.8 trillion in 2017, according to Nielsen. Despite this projection, the dollars spent to target and advertise to multicultural consumers remain relatively low. While 37% of the U.S. population was comprised of Asian Americans, African Americans and Hispanic Americans in 2018, only 6% of advertising and marketing dollars were targeted to these segments, according to a study compiled and presented by Dr. Leo Kivijarv of PQ Media at the 2019 ANA Multicultural and Diversity Conference.
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