Changing Demographics. Growing Buying Power.
Changing Demographics. Growing Buying Power.
Buying power is rapidly increasing among Multicultural, women, and LGBT consumers.
Multicultural Consumers
According to an analysis by Nielsen on multicultural consumers, the number of multicultural consumers in the U.S. (defined in the analysis as African-American, Latino, and Asian American) is quickly growing, accounting for more than 120 million consumers in 2015 (38% of the population), with projected growth that positions them to become the majority population in the U.S. by 2044. Nielsen's research shows U.S. multicultural buying power has grown at almost double the rate of total U.S. buying power, growing from $661 billion in 1990 to $3.4 trillion in 2014.
Buying Power of Women
In a May 2015 summary on buying power of women in the U.S., Catalyst reports that in 2013 women in the U.S. reported controlling or influencing 73% of the $11.2 trillion in household spending. They also highlight that high-net wealth owned or controlled by individuals is expected to grow from $14 trillion to $22 trillion by 2020, and they estimate women will own or control 50% of that wealth.
LGBTQ+ Buying Power
In a May 2015 overview of LGBT buying power in the U.S., Catalyst cites data pegging LGBT buying power at $830 billion among the approximately 9 million adults in the U.S. who self-identify as LGBT, up from the $790 billion in 2012 cited by the Movement Advancement Project (MAP) in its June 2013 report on the LGBT workforce, A Broken Bargain (both estimates are based on data from Witeck Communications).
Reference:
Catalyst, Knowledge Center, Buying Power: LGBT People in the US, May 20, 2015 (infographic).
Catalyst, Knowledge Center, Buying Power: Women in the US, May 20, 2015 (infographic).
Movement Advancement Project (MAP), Human Rights Campaign, & Center for American Progress, A Broken Bargain: Discrimination, Fewer Benefits and More Taxes for LGBT Workers, June 2013.
Nielsen, The Making of a Multicultural Super Consumer, March 18, 2015 (digital article).