In 2016, U.S. Hispanic buying power was bigger than the gross domestic product of Mexico.Read More
“Minority” consumers won’t be in the minority for much longer in the United States. Asian-Americans, African Americans and Hispanics already make up a majority of the population in four states and the District of Columbia, and several other states are nearly there. By 2055, the U.S. will not have a single racial or ethnic majority, according to the Pew Research Center.
Given the current size and future growth of these consumer groups as a larger part of the market and growth opportunities, market research firms are making a careful study of the buying habits of multicultural consumers. Paying attention to multicultural buying habits, as well as the media and cultural preferences of these populations, will benefit retailers now and in the future, as these statistics show.Read More