The multicultural Millennial population consists of almost half of the Millennial generation (42 percent) and represents local markets that drive 47 percent of the total U.S. gross domestic product. In a new report, Multicultural Millennials: The Multiplier Effect, released by Nielsen (No. 41 on the Fair360, formerly DiversityInc Top 50 Companies list) explores key aspects of this population, including demographic information and trends, analysis of their choices of home cities, and how culture, food and technology are essential points of entry for reaching this generation.
Spending more than $65 million each year and influencing upward of $1 trillion in total consumer spending, multicultural Millennials are bridging the gaps between their birth culture, their own children, and mainstream society. Most multicultural Millennials are fully ambicultural, shifting from what was once a dominant family-based culture to a posture that blends a variety of cultures into a new mainstream. The profound influence on their peers as well as on both younger and older generations deemed the “multiplier effect” can be harnessed as marketers and advertisers to make efforts to expand their market share.
“In addition to the influence they command on their more non-Hispanic white peers, there is another reason marketers and advertisers should be interested in multicultural Millennials: many of them are first generation professionals who are in prime acquisition mode,” said Courtney Jones, vice president of Multicultural Growth & Strategy at Nielsen. “A growing disposable income among multicultural Millennials is a ripe opportunity for companies that court them and make an effort to cultivate and earn their business.”
