Study: The purchasing power, influence of the multicultural Millennial
Nearly half of multicultural Millennials use their mobile devices to compare prices and browse when shopping, and almost 80% agree that the internet is a great place to buy products.
The multicultural Millennial population consists of almost half of the Millennial generation (42%) and represents local markets that drive 47% of the total U.S. gross domestic product. And, a new report released by Nielsen, New York, 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.
“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,” says Courtney Jones, vice president of multicultural growth and strategy. “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.”
Key highlights from the report, “Multicultural Millennials: The Multiplier Effect,” include:
Top metropolitan regions
- Today, 21 of 25 of the most populated U.S. counties are a multicultural majority, with 44% of multicultural Millennials choosing to live in the Top 10 Nielsen DMAs, including New York, Los Angeles, San Francisco and Houston.
Influence of Millennials’ preferences for multicultural flavors
- While almost half of Millennials want to purchase foods from companies that harbor a strong social purpose or mission, it is almost as important that companies offer multicultural products, with 44% of Millennials saying that it’s important or essential for their foods to include “multicultural flavors.”
What multicultural Millennials are buying
- When exploring the top consumer categories that multicultural Millennials purchase, Hispanic Millennials spend more on dried vegetables and grains (10% share) compared to the average consumer.
- Multicultural Millennials who are active on their mobile devices spend over $65 billion per year – with an increasing majority of those dollars being spent online – and influence more than $1 trillion in total consumer packaged goods and entertainment spending.
- Nearly half use their mobile devices to compare prices and browse when shopping, and almost 80% agree that the internet is a great place to buy products, which is easier for that generation to do since they maintain and value their connection to the internet during the entire day.