Marketing Multiethnic Audience
(PR Week) — Appealing to a multiethnic community takes more than simply printing brochures in different languages or hiring a bilingual salesperson. It takes a commitment and a willingness to adjust business practices to meet the unique needs of Hispanics, African-Americans, Asian-Americans, and others.
The combined buying power of racial minorities (African-Americans, Asians and Native Americans) will rise from $1.6 trillion in 2010 to $2.1 trillion in 2015, accounting for 15% of the nation’s total buying power, according to a report by the Selig Center for Economic Growth at the University of Georgia. The study projects that minority markets will continue to grow much faster than the majority market, where buying power increased by 49% over the past decade.