This year was filled with new market trends and new ways of connecting with target audiences through studying consumer habits.
ThinkNow Research, a multicultural market research firm, conducted a study to identify the trends that shaped multicultural marketing this year.
The study includes a review of multicultural research studies issued by ThinkNow Research from consumer sentiment to consumer electronics purchasing habits to media consumption preferences. The top marketing trends include the following:
Early adopters of technology are multicultural. Technology and consumer electronics ranked highest on the list of major purchases, ranking highest among Hispanics and African-Americans. Additionally, African-Americans (21 percent) and Asian (23 percent) consumers are most likely to own a voice-controlled speaker product such as Google Home or Amazon’s Alexa.
When it came to Internet streaming services, Hispanics were found to be at the top of the class with Netflix usage with 61 percent higher than Asians at 49 percent and African-Americans at 55 percent. U.S. Hispanics are leading in media consumption from mobile phone usage to Netflix services. Almost three-quarters (73 percent) of African-Americans prefer to watch live TV.
For online shopping, Hispanics consumers have truly changed the dynamic of the experience. For example, sixty-two percent of Hispanics plan to make holiday shopping purchases using their smartphones this year. That’s higher than 50 percent of Total Market average and 46 percent of non-Hispanic White online shoppers.
Content start-ups will disrupt the media landscape. Brands are turning to dedicated content studios to create digital entertainment for cross-cultural audiences. These options infuse a Latino point of view with mainstream entertainment to create a synergistic community.
Strategies that involve diversity and multiculturalism have a higher advantage
Cultural consultants will reduce cultural uncertainty. Digital content providers are listening to their audiences and creating content that reflects the cultural nuances of each demographic. Cultural consultants bridge the gap between brands and audiences as scripts are written for viewers who desire to identify with the characters on screen.
Multiculturalism and diversity become strategy. For business strategies and marketing, those that combine diversity and multiculturalism into their growth strategies have an advantage over those who do not in the marketplace. A brand’s commitment to diversity and cross-cultural representation will play out in the content it produces, people it employs, and partners they work with to tell their story.
Mario Carrasco X. Carrasco, Co-founder and Principal of ThinkNow Research, said, “this was a banner year for multicultural marketing. We are honored to have contributed actionable insights to brands and companies throughout the year that led to increased market share across multicultural consumers. Our year-end review report highlights the variety of industries that were impacted by multicultural consumers. We look forward to an even stronger future.”
With information from ThinkNow Research