Marketers Prepare for the Rise of the Plurals
Do you finally have the demographic details of the Millennial generation nailed down? Feel confident that you understand how to market to this tech-savvy group? That’s great because it’s time to move on to the next generation of consumers. According to Frank N. Magid Associates, the Plurals are here.
Magid associates note that since the Millennial generation was named 15 years ago, another generation has been waiting in the wings. This generation possesses a unique characteristic. More than any other group in U.S. history, Plurals will be multicultural. Only 54% of these consumers are Caucasian. About 1 in 4 Plurals will be of Hispanic heritage, 14% will be Black, and 4% will be Asian.
Here are the percentages of Caucasian consumers in each age group currently:
- Boomers: 72%
- Gen X: 62%
- Millennials: 58%
- Plurals: 54%
Analysts believe that Plurals will be the last generation in the U.S. to be mainly Caucasian. Plurals will likely possess a unique perspective about the multicultural landscape in the U.S. These consumers are expected to view the concept of family differently, as well. Analysts note that only 68.7% of plurals are living in a traditional 2-parent family unit.
Changing economic conditions, and globalization in particular, will impact this generation with fewer believing they can attain the American dream. In that respect, Plurals will reflect attitudes of their Generation X parents.
Marketers should be tracking these changes as the older Plurals, now age 15, begin to show their financial muscle. These consumers will be accustomed to online entertainment and shopping. While these consumers will be part of “fragmented and niche-based’ social groups, they’ll also be more open and welcoming to varying lifestyles.
Marketers will need to be sure that promotions remain free of old biases and assumptions as they court these shoppers. Are you currently promoting products and services to Plurals? Are you doing anything specific to attract their attention?