In 2005, African-American, Asian-American, Native American, Latino-American, and multi-racial consumers spent a combined $2 trillion. By 2010, the US Census Bureau projects that the American minority population will reach 33 percent. Is your firm ready for the changing demographic of consumers?
As the make-up of the American population changes, Marketers must adjust their communications methods and campaigns. Some firms are at the vanguard of this sea change in tactics. Toyota recently launched a bi-lingual, bi-cultural campaign. Chrysler is featuring spokespeople who reach out to African-American consumers. Pepsi is emphasizing that it is a company for all global consumers.
If your company is not embracing cultural diversity and reaching out to the non-homogenous, ethnically diverse groups that are becoming a major force in our economy, perhaps now is the time.