According to a new report by Nielsen titled “The Making of a Multicultural Super Consumer,” “Multicultural consumers are rapidly becoming the core of the U.S. population and African-American, Asian American and Latino consumers are emerging as a major consumer force in the country.”
These “Multicultural consumers” make up 38 percent of the U.S. population, account for $3.4 trillion in buying power, and 78 percent of these individuals care about their cultural identity.
The Nielsen report also states:
“As the numbers of multicultural consumers continue to grow, so too will their purchasing power. Already, U.S. multicultural buying power is growing at an exponential rate compared to the total U.S., increasing from $661 billion in 1990 to $3.4 trillion in 2014. This is more than double the growth of total U.S. buying power.”
On Tuesday, Cheryl Pearson-McNeil, SVP U.S. Strategic Community Alliances and Consumer Engagement at Nielsen, joined Roland Martin on NewsOne Now to discuss the projected influence of the multicultural consumer, as well as the development of conscious consumers.
McNeil told Martin, “Super consumers are representative of 10 percent of households who are really diving 30 percent of all sales, 40 percent of growth, and 50 percent of profit for a given category.”
Out of the nearly 150 categories currently being tracked, multicultural consumers “drive” their sales, growth, and profits.
“Are we maximizing what we are spending in terms of what we are getting, in terms of appointments, board positions, corporate positions and how do we get African-Americans to say ‘We’re spending, we ain’t getting … that return on that investment,” Martin asked.
NewsOne Now panelist George Curry, Editor-in-Chief of the National Newspaper Publishers Association News Service, responded to Martin’s question saying, “We’re consumers, but we’re not conscious consumers.”
Pearson-McNeil told Martin and the panel, “We’re not conscious about how we’re spending our time, how we’re spending our money.”
Nielsen started a campaign called The Conscious Consumer, where the company urged consumers to ask themselves a series of five questions before they watched a program on television or before they went out to buy a product. These questions are as follows:
- Can I get this product or service in my neighborhood?
- Does the company that I am about to do business with or spend time with hire people that look like me?
- Do I see positive images of myself in the content or the advertising of these companies?
- Does the company actually support causes that are important to my community?
- If any of those first four questions had a no, are you still going to spend your time or your money with that company?
Watch Roland Martin, Cheryl Pearson-McNeil, SVP U.S. Strategic Community Alliances and Consumer Engagement at Nielsen, George Curry, Editor-in-Chief of the National Newspaper Publishers Association News Service, Angela Rye, principal at Impact Strategies, and Michael Steele, former RNC Chair and MSNBC political analyst, discuss the role multicultural super consumers and conscious consumers are playing in our economy in the video clip above.
Be sure to watch “NewsOne Now” with Roland Martin, weekdays at 9 a.m. EST on TV One.
Subscribe to the “NewsOne Now” Audio Podcast on iTunes.
SEE ALSO: Black Consumers: Paying More To Get Less