Over the last few weeks, marketers have been busy digesting the data published from the 2010 Census. Ten years ago, marketers will still targeting a great deal of their budget expenditures to the Baby Boomer generation and the exploding growth in the multicultural populous was simply a footnote.
Today, according to the new U.S. Census data, Hispanics, African Americans and Asians account for 85 percent of all the growth in the U.S. in the last 10 years and tend to be 5 to 10 years younger, on the average, than the general population. Now we know 1 in 6 Americans will soon be Hispanic and already 1 in 4 newborns nationwide is of Latino descent. According to the data, the Asian population alone grew faster (43%) than any other major race group in the last ten years.
Gone are the days when marketers could simply target the 78 million baby boomers born in the wake of World War II. The party's over! The Baby Boomers will turn 65 in 2011 making them increasing less desirable for our marketing efforts. The emerging minority now becomes the new cash cow. While previously classified simply as those of any race other than non-Hispanic, single-race whites, "minority" might be a term that's becoming obsolete. Census figures point to trending data that indicates by 2042, these multicultural groups will become the majority, making up more than half the population and by 2050, constitute 54 percent of the population.
The social, economic and most importantly cultural ramifications of the data are beginning to redefine American society. American businesses must now re-evaluate their core strategy, target markets and customer engagement to ensure they address these growing populations. No longer are these ethnic groups influencing "urban" subculture but rather defining mainstream. Marketing efforts that do not address these audiences are missed opportunities and missed opportunities in a still struggling economy are dangerous.