Lean In to Multiculturals Now to Ensure Mid-term and Long-term Growth
While much of the current pandemic response is out of our hands, it’s imperative for brands to begin the process of preparing for the eventual recovery and future-proofing their long-term strategy. When growth returns, which it will, marketers must recognize that this traumatic year has only heightened the importance of multicultural consumers. Between household formation, immigration,and a declining white population, the dominance of multicultural expenditure growth and cultural influence in the medium and long term is a foregone conclusion.
There is simply no way that companies can expect to grow over the next decades without capturing these important consumer segments. The first step to doing that is showing up for them when they need you most. We suggest brands take advantage of the opportunity to show up for these segments in this time of crisis. People will remember who lent a helping hand and advocated for their needs, and who did not. People will remember efforts to improve the representation of multicultural consumers and their stories in advertising. When the pandemic ends and Americans again feel comfortable spending and taking advantage of your categories, this may make all the difference in the brands and products they choose.
In the download, you will find a sampling of the latest COVID-19 economic projections and implications for multicultural consumers, incorporating a comparison with forecasts released one quarter ago, and the most recent pulse survey on consumer expectations for financial security and social behaviors.