UNDERSTANDING THE OPPORTUNITY
Has your practice become more ethnically diverse over the past few years? If so, it makes sense. Ethnic minorities are quickly becoming the majority. In fact, by the year 2050, they will total more than half of the U.S. population.
If you haven’t noticed a change, you could be missing out on a tremendous opportunity for your practice.
Despite tough economic times, buying power among culturally diverse groups is on the rise – growing at a rate faster than the general population. In 2014, the combined buying power of ethnic minorities made up more than 25% of the nation’s total buying power. By the year 2019, this number will reach nearly 27%.
Additionally, studies show that today’s multicultural consumers have a more positive outlook than the general population when it comes to their own financial situations and the future of the American economy – and are more willing to spend on value-added products.