02 Apr Our Future is Multicultural Consumers
Propelled by the twin engines of population growth and a whopping $1.3 trillion in annual buying power, Hispanics are at the leading edge of converging demographic and social trends reshaping how marketers and advertisers use culture to connect with this diverse consumer base. In order for brands to reach this myriad consumer segment, here are some trends to consider:
The Future is Multicultural
Multicultural consumers are a young and growing segment. If you break down diversity by generation, multicultural children aged nine or younger now outnumber non-Hispanic whites of the same age. This translates into a higher life expectancy and significant increase in years of effective buying power for the multicultural consumer—about 20 years to be exact.
Multicultural consumers, including Hispanics, African-Americans, and Asian Americans make up 38% of the U.S. population with these numbers on the rise each year. These consumers are empowered trendsetters, carry serious buying power, and express a desire to connect with brands that use cultural insights to appeal to multicultural tastes and lifestyles.
• Case In Point: AC&M helps brands like Soccer.com activate to reach multicultural, millennial consumers by running online contests, having a strong social media presence on multiple platforms, and activating at games and events to directly interact with the consumer.
Where You’re Not Looking
Multicultural consumers, Hispanics in particular, are no longer a segment of immigrants flocking to big cities like New York and Miami. Rather, Hispanics now cast a wide net across the U.S. with emerging markets in boomtowns like Charlotte, NC. Markets like Charlotte and Atlanta could soon be the next big Hispanic population centers. Now is the perfect time to start approaching these untapped multicultural hotspots.
• Case In Point: AC&M has experience activating campaigns in multiple cities large and small across the country. Being based in Charlotte, NC gives us a unique position to be in the center of the action as new markets emerge. For example, we are perfectly positioned for brand activations during the Mexico v. Trindad game here in Charlotte during the Gold Cup this summer.
Hispanics are super connected and media savvy. On average, they own more smartphones and tablets than Non-Hispanics. What’s more, they spend more time using these devices to browse the web and download apps. Hispanics spend nearly 50 hours a month browsing the web and using apps versus 43 hours for the average non-Hispanic consumer.
But it doesn’t stop there! Hispanics are taking digital consumption one-step further by using it to engage with brands and establish themselves as active digital consumers. Hispanics love digital video. Bilingual YouTube network MiTú reaches over 65 million Latino millennials with more than 670 million unique video views per month.
Hispanics also shop more online, particularly via their tablets or smartphones. Hispanics are the most active demographic on Facebook, beating out both whites and African-Americans, and are more receptive to ads they see on their smartphones. Hispanics find mobile advertising useful, relevant, influential and informative, and are twice as likely than non-Hispanics to have a favorable view towards mobile ads.
• Case In Point: AC&M is cutting edge with our digital campaigns, particularly for clients such as Family Dollar and Sherwin-Williams. We worked with both of these clients to develop campaigns with top bloggers, vloggers, and celebrities, specifically aimed at multicultural markets.
Sherwin-Williams Color y Cafe Campaign with Sonia Velasquez of Extreme Home Makeover Latin America
[vimeo width=”620″ height=”400″]https://vimeo.com/123655605[/vimeo]
Family Dollar Fabulous Campaign with Top African-American Vloggers
Today is the day to formulate a multicultural marketing plan, focusing on these burgeoning consumer segments of the future.
With Hispanic and multicultural consumers’ buying power, increased consumer life span, and preference for mobile and digital media consumption, these consumers are ahead of the curve. Hitch your wagon to multicultural market segments, and watch your brand grow and prosper.
What are you doing to position your brand for the multicultural market? Let AC&M help you use cultural insights to connect with Hispanics and other multicultural marketing segments.