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Multicultural Population Growth Creates Opportunities

As the U.S. becomes more multicultural, the tastes and buying habits of younger consumers are reflecting growing ethnic populations. Multicultural consumer purchasing power reached $3.4 trillion in 2014, and has been growing at more than double the overall rate of U.S. purchasing power since 1990, according to Nielsen’s The Multicultural Edge: Rising Super Consumers. These shoppers are fueling growth in different categories, and attracting multicultural consumers offers long-term opportunities for the right brands.

While Asian Americans accounted for just 3.1% of all retail purchases by volume in 2014, they also accounted for 15.3% of the Asian noodle market and 9.6% of the dried vegetable and grain market. African American consumers accounted for 10.6% of the overall market, 25.4% of the hot sauce market and 17.9% of the unprepared frozen meat, poultry and seafood market. Hispanic consumers accounted for 12.7% of the total retail market, 21.9% of the dried vegetables and grain market and 21.2% of the hot sauce market.