Saturday 10 December 2016

Children, increasingly multicultural, are the future

The results of the 2010 U.S. Census confirmed that the growth rate of the young generation today and in the near future, is increasingly dominated by Hispanics, African-Americans and Asians. Consider these facts:

  • 5.5 million population growth rate of the 18 years old and younger in the past ten years came from these groups so without them, the population of youth in the U.S. would have actually decreased. As Mr. William Frey, a demographer at the Brookings Institution said: “of the states that gained people “they owe it to Hispanics.”
  • Of the people turning 21 years old in the next few years, 50 percent are of Hispanic, Asian or African-American descent.

While education level and other social issues need to be considered when communicating and marketing to the multicultural youth, a closer look at the facts presents a balanced view and offers opportunities for marketers today:

  • Rising Incomes: Over thirty percent (PDF) of the Asian population in the U.S. makes $100,000 or more annually.
  • Economic Mobility of Hispanics and African-Americans: Over 10 percent of Hispanics and 9 percent of African Americans make $100,000 plus annually.

Connecting with these growing populations also sparks business innovation. The young populations of Hispanics, Asians and African-Americans tend to be the trend-setters for the rest of U.S. society. Just take a look at musical genres (regaetton, rap, etc); clothing styles (brightly-colored clothing, Asian designers); literature’s influences (magical realism first made famous by Nobel Prize Winner, Gabriel Garcia Marquez and now common in many novels); and pop culture in general. Understanding them is a peek into the new mainstream trends.

Current paradigms need to change. New frameworks need to be explored to deal with an increasingly diverse young population; e.g., those who come from disadvantaged neighborhoods, those who share lifestyles with middle-class America, and those who are making inroads into the higher income classes, to name a few segments. Many companies are becoming aware of the growth of purchasing power of these younger generations. Corporations have many opportunities to cater to different segments in a way that is perceived by these young groups as respectful and authentic.

Make no mistake, young people will relate to their own kind first. And yet as the first study of Young Latinos in American showed, the unknown reality is that most Hispanics and African-American youth feel that brands ‘do not talk to me.’ That’s a problem. How can a company cultivate the consumers of the future without relating to them in their own terms?

Start by reviewing your marketing and communications strategies to see if you can understand how to resonate and engage with these young people today so that they can be your company’s future.

Article source: http://feedproxy.google.com/~r/EdelmanDigital/~3/B9jre53ha1c/