With the 2010 Census now in full swing, you’re starting to hear buzz words like: buying power, African-Americans spending is in the Trillions, Hispanics are leading, diversify your brand, etc. We’ve been talking about it on our radio show, The Greenlight Project and we talk about it with our clients who are intentionally looking to diversify their marketing budgets.
What’s all this talk about buying power and what does it mean to the now ‘ethnic majority’ in the United States? The growth of Ethnic minorities in America has been phenomenal. Since 1980, the Asian American population has almost tripled, Hispanic American more than doubled, Native American increased 62%, and African-American increased 31%, while the non-ethnic population has remained almost the same.
This is a trend that is expected to continue. The latest estimates by the U.S. Census Bureau predict that the minority population will comprise fully half the U.S. population by the year 2050.
How will you use this information to empower yourself to choose better how you spend your dollars and with whom? Or as a marketer, how can you use this information to re-position your brand and align better with the spending power in the U.S.? Sound off; let us know what you’re thinking.
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*Television Bureau of Advertising “2008 Media Comparisons Study” Retrieved March 20, 2010 from the website http://www.tvb.org/nav/build_frameset.aspx.