Multicultural populations clearly have been growing at a faster pace than the general market. Today one in six persons is a Latina or a Latino. In 2012 there are over 17 million that are of Asian ancestry. The black population has also grown at 73% between 2000 and 2010 outpacing the white population that grew at 67% during this period.
The robust growth in multicultural buying power is also very lucidly outlined by Dr. Jeffrey Humphreys of the Selig Center for Economic Growth, Terry School of Business, Athens GA. In 2012, the Hispanic buying power is estimated at $1.2 Trillion. The Asian American buying power is a staggering 1Trillion considering that they represent only a 5.4% of the total population in 2012. According to this study, the black buying power in 2012 is also estimated at $1 Trillion.
Beyond these three large groups that are growing, and have rising purchasing power as well as reflect high levels of under penetration for a number of categories, there are other emerging segments to learn more about.
Brands that have already created access to these emerging markets have been less hit by overall financial downturns than those that have continued to ignore these segments.
