Hispanic Americans, African Americans, and Asian Americans make up 18.1%, 13.4%, and 5.8%, respectively, of consumers in the U.S., according to PQ Media and ANA AIMM’s U.S. Multicultural Media Forecast 2019. Yet, the marketing revenue for all of these demographics combined last year was only 5.17%.
As marketers consider the best way to convince young consumers to sample their products and services, they should keep 2 specific details in mind while they determine which ad platforms work best. This generation has always been digital so it should be no surprise that at least ½ of these consumers use social media to find information. The other key demographic fact is that over 40% of Millennials are nonwhite.
As the demographic composition of the U.S. continues to change, marketers and their ad agencies are taking note. With just over 50% of births in the U.S. now taking place in the black, Asian, Hispanic or other minority communities, multiculturalism is a key part of the nation’s identity. To address these consumers, marketers are using new strategies and media formats.
Last week, I highlighted a report indicating that fewer than half of all marketers specifically target Hispanic consumers. Another report, this one by Nielsen, notes that marketers in general dropped their spending on Hispanic and African-American advertising. But the declines, 4.7% for Spanish language and 7.3% for African-American media, were not as steep as the overall ad market drop of 9% for the year.