Consumers come in different shapes and sizes but who are Super Consumers? With the Hispanic population rapidly becoming the core of the U.S. population, they have become the largest Super Consumers along with African-Americans. Hispanic consumers account for more than 55 million people living in the U.S. as of July 2014, with a spending power of about $1.4 trillion. By understanding the cultural essence that drives multicultural consumer behavior today, marketers and advertisers are getting a glimpse of future market trends and forging a long-term relationship with the most dynamic and fastest growing segment of the U.S. consumer economy. (U.S. Census Bureau)
Hispanics will experience the most growth among multicultural consumer group in the U.S., estimated to account for over half of the country's total population growth by 2020 and nearly 85% by 2060, according to U.S. Census projections. (Nielsen 2015)
Other multicultural groups will also make up an increasing share of the U.S. population. African-American growth will accelerate to 18% of total population growth by 2020 and increase to 21% by 2060, while Asian Americans will be responsible for 15% of total growth by 2020 and increase to 19% by 2060. (Nielsen 2015)
Comparatively, non-Hispanic whites will be a shrinking portion of the country's population growth: This demographic will see just a 7% growth share in 2020 that will become a decline of 6% by 2030.
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Source: Nielsen "The Multicultural Edge: Rising Super Consumers" March 18, 2015, http://www.nielsen.com/us/en/insights/news/2015/the-making-of-a-multicultural-super-consumer-.html