The Herman Trend Alert|
January 20, 1999
Multicultural Markets Present Tremendous Opportunities
A recent study released by New America Strategies and DemoGraph Corporation looked at 13 different spending areas, including entertainment, clothing, vehicles, and home purchases. The study compared the projected expenditures for a number of ethnic groups as well as white households. The results were interestingůif not predictable. In the next three years, spending by ethnic minorities will increase at three to three and one-half times faster than, particularly in the areas of healthcare and entertainment.
There are a number of good reasons why we're not surprised:
So what does this study mean to marketers?
These overlooked minorities offer outstanding opportunitiesůif the marketers understand HOW TO address them. These groups often value different things from white household and from each other, e.g., Asians value owning their own businesses and revere their elders more than other groups; Hispanics value their family relationships and education for their children. If you seek to motivate people to take action, you MUST look at what they value FIRST.
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