Understanding Affluent Multicultural Consumers - August 2022
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Understanding Affluent
Multicultural Consumers
August 2022
W HY NO W ?
America is Transforming
& Multicultural People Are The Future…
And Multicultural Consumers Are
Impacting & Shaping
Among those under 18, The U.S. is approaching Multicultural Our Economy
multicultural a multicultural Segments are
audience majority driving the
is already the majority population growth
Today
Expected Spending Power by 2023
50% 43% 100%
of U.S. growth
Multicultural consumer
of children under of U.S. consumers
from multicultural annual expenditures
18 are multicultural are multicultural
segments grew at a faster rate
(+53%) than Non-Hispanic White
consumers (+34%) in 2020
versus 2010
Source: US 2020 Census; eMarketer US Buying Power by Ethnicity; 2020 & 2010 Bureau of Labor Statistics Consumer Expenditure
Surveys. Multicultural defined as sum of expenditures for Hispanic or Latino, Black or African American and Asian consumers. 2MULT I C ULT UR AL
C O NS UME R S
A R E S E I Z ING
Opportunities
to Impact
Future Wealth
of 2019 Bachelor’s U.S. new businesses Faster rate of growth in
degrees were earned by created in the last 10 higher paying jobs for
students of color years were minority Multicultural labor force
owned enterprises vs. White counterparts
Source: 1) Equity in Higher Ed 3) U.S Senate Committee on Small Business & Entrepreneurship 4) US Bureau of Labor Statistics 2020 3And Brands Are Standing Up in Support of
Multicultural People to Thrive & Succeed
Companies Creating Initiatives Support for
for Multiculturals Underserved Communities
UBS Global Wealth Goldman Sachs launched One Million Black Executive Order on
Management has Women, a new initiative committing $10 billion in Advancing Racial Equity and
created a new unit aimed investment capital and $100 million in philanthropic Support for Underserved
at improving its services support to advance racial equity and economic Communities Through the
for multicultural investors opportunity by investing in Black women. Federal Government
Businesses & Philanthropy Resources to Address
Working Together the Minority Wealth Gap
Business and philanthropy unite to eliminate Minority Wealth Gap Isn’t Just JPMorgan Chase
racial wealth gap; Organizations that join the About Income; Resources and Reflects on First
initiative, NinetyToZero, agree to establish internal advice help minority workers turn Year of Racial
goals for hiring and promoting Black talent. dollars into sustained wealth Equity Commitment
4W HO ARE
Affluent
Multicultural
Consumers?
For this discussion, affluent
multicultural consumers are defined as
Asian, Black or Hispanic Adults 18+ in
Households with an income of $125K+
5Affluent Multicultural Households are
Experiencing Exponential Growth
11.2M
Affluent Multicultural
Faster Overall Growth Larger Share Expected To Grow To
Households in 2020
+74% +44% 20M
Growth in Affluent Multicultural Growth in share for Affluent Affluent Multicultural
households versus 10 years ago Multicultural households households by the year 2030
versus 10 years ago
Compared to Affluent Non- 2.6X growth versus Affluent
Source: US 2020 Census versus 2010 Hispanic White (up +26%) More than Affluent Non-Hispanic Non-Hispanic White
Census; Affluent Multicultural
Households (Asian Alone, Black Alone
White (up +23%)
and Hispanic (Any Race) with income of Compared to overall Multicultural
$100K+) versus Affluent Non-Hispanic
White Households (White Alone, Not households (up +22%)
Hispanic with income of $100K+).
Expected growth based on CAGR of
+6% for Affluent Multicultural and +2%
for Affluent Non-Hispanic White.
6Affluent Multiculturals Younger
versus affluent white consumers (median age 48)
Are Young & Valuable
Consumers Own their homes,
+6% versus year ago while affluent white consumers remained flat
Prime & Super Prime Consumers,
with credit scores of 680+ versus total pop
Top Purchaser,
high volume purchasers versus total pop
Have post-graduate degrees
on par with affluent white consumers (25%)
Source: Median Age & Post-Graduate Degrees based on
2021 GFK MRI Simmons Spring Doublebase and affluent
consumers defined as A18+ with Household Income $125K+.
Home Ownership growth based on 2020 vs 2019 Doublebase More likely to
GFK MRI and affluent consumers defined as A18+ and
Individual Employment Income $100K+. For Median Age,
Post-Graduate Degrees and Home Ownership, multicultural
collect lump-sum from pension / IRA / 401K
consumers defined as Hispanic (Spanish or Hispanic Origin or in the next year versus affluent white consumers
Descent: Yes) OR Asian (Respondent Race: Asian) OR Black
/ African American (Respondent Race: Black/African American
only) versus White (Respondent Race: White Only). Credit &
Purchasing based on Nielsen Buyer Insights Brand Target
Profile report 3Q21 (6/28/21-9/26/21), Multicultural A18+ with
More likely to start or buy a new business
Household Income $125K+ (Weighted average of Asian
Household: Yes, HOH Race: Black and HOH Origin: Spanish
in the next year versus affluent white consumers
Origin). Prime, Super Prime & Top Purchaser definition in
notes section. 7They Are Aspirational &
Thoughtful With Their Finances…
Index Multicultural
vs. White,
151 Index 153 Index 120 Index
Non-Hispanic
Consider themselves to be Being ambitious &
Strive to achieve a
“Money Game aspiring to get ahead
high social status
Spectators” is very important
115 Index 123 Index 145 Index
Source: 2021 MRI-Simmons More likely to
Doublebase USA, Base: Adults 18+
and 2021 GlobalWebIndex, Base: All More likely to Brand name is the
Internet Users, Multicultural (Asian,
best indication pay down
Black only or Hispanic) & Household
income $125K+ versus White Only & increase savings
Household Income $125K+. Money
Game Spectators defined in notes in the next year of quality credit card debt
section. Mintel’s Financial Services in
2022 – US – 2022 and Mintel’s
in the next year
Consumers and the Economic
Outlook –US – Winter 2022, Base:
2,000 internet users aged 18+ ,
Multicultural (Asian Non-Hispanic,
Black Non-Hispanic and Hispanic (of
any race) versus White Non-Hispanic.
8…And
Building
Wealth That High-Net-Worth High-Net-Worth High-Net-Worth
Black Investors Hispanic Investors Asian Investors
Connects
With Their • Building wealth with Real • Building wealth by giving • Building wealth at work:
Culture Estate: real estate is a and receiving financial workplace compensation
frequent path to wealth and support: caring for family as their primary source
is an enduring family value. and friends is a core of wealth.
cultural value.
• Prioritizing support for • Prioritize growing their
Black institutions: Use • Prioritize support for wealth: More likely to be
their wealth to advance loved ones: Currently self-reliant investors who
their communities. provide multigenerational draw on a wide range
Community support is financial support to of sources.
driven by a desire to shape parents, adult children
a more equitable future. or other family members.
https://www.ubs.com/us/en/wealth-management/specialized-advice/multicultural-investors/invest-to-advance.html
9Racial Bias
Impacts Personal
Financial Outcomes
59% 33% 32%
Affluent Black Affluent Hispanic Affluent Asian
Believe their personal finances would be better off if
financial services companies
treated people of their racial
/ ethnic community fairly
(More than their Affluent White, NH counterparts, 27%)
Source: Edelman Trust Barometer 2021,
Special Report: Addressing Racism in America’s
Financial System, Affluent = High income
respondents ($100K+) 10Culture is at the Core
of Multicultural Consumers’ Mindset
A ND C R UC I A L F O R I MPA C T FUL ME S S A G I NG T O T HI S C O NS UME R
Index Affluent Multicultural Vs Affluent White, Non-Hispanic
O VE R
156i 114i 124i 1/3
“My cultural / “It’s important to “It is important for feel more connected
ethnic heritage is me that my children companies to create to their heritage
an important part continue my family’s advertising that is than they did a
of who I am.” cultural traditions.” culturally diverse year ago (37%)
in order to
stay relevant.”
Source: 2021 GFK MRI Simmons Spring Doublebase. Affluent consumers defined as A18+ with Household Income $125K+. Multicultural consumers defined as Hispanic (Spanish or Hispanic Origin or Descent: Yes) OR Asian (Respondent Race: Asian) OR Black / African American
(Respondent Race: Black/African American only). Indices based on affluent multicultural consumers versus affluent White, Non-Hispanic consumers. Connection to heritage versus year ago based on 2021 GlobalWebIndex, Base: All Internet Users, Affluent Multicultural consumers. 11Affluent Multiculturals Are Securing Their Future
Through Financial Investments
Affluent Multiculturals Affluent
Affluent Black / AA Affluent Hispanic Non-Multiculturals
HHI $ 1 2 5 K + HHI $ 1 2 5 K + HHI $ 1 2 5 K +
HHI $ 1 2 5 K +
Affluent Black / African Americans Affluent Hispanics are investing in Affluent Multiculturals have various
Affluent Non-Multiculturals have a
have retirement plans, stocks, and their future with a 401K and other investments within their financial
diverse investment portfolio:
company investments: retirement plans: portfolio and other retirement plans:
Personally own stock in a Personally own Insured
145i Currently have a 457(b)- Have any investment 138i company they work for 126i Money Market Accounts
retirement plan 119i valued at $25K-$50K valued at $50-$150K (bank) valued at $250K+
Personally own Mutual
Have EFTs valued
116i under $10K
122i Funds (bonds) valued at
Have a 401K valued at $150K-$250K
117i $50K-$150K Have a 401K valued
119i under $10K
529 Plan (College
Own 2 real estate
110i investments
122i Savings Plan) valued at
$250K+
Personally own common
stock in any other
117i company valued under 118i Currently have a 457(b)-
Have a $401K valued at Personally own Annuities
$10K
retirement plan 110i $50-$150K
121i valued at $150K-$249
12Affluent Multicultural Family and friends ask for and trust their advice on:
Index Affluent Multicultural vs Affluent White, NH
Consumers
Are Influential
Fashion Fashion
Autos – Shoes – Clothes
117 191 179
Finance / New
Shopping Investment Technology
Source: 2021 GFK MRI Simmons Spring
Doublebase. Affluent consumers defined as A18+
with Household Income $125K+. Multicultural
consumers defined as Hispanic (Spanish or Hispanic
Origin or Descent: Yes) OR Asian (Respondent
Race: Asian) OR Black / African American
153 123 151
(Respondent Race: Black/African American only).
Indices based on affluent multicultural consumers
versus affluent White, Non-Hispanic consumers. 13…And Will Be Your
Brand Ambassadors
Affluent
Multicultural
versus Affluent
Non-Hispanic White
113i 119i 155i
Share and discuss Use social media to see Purchase products
opinions with others what’s trending & being advertised on
on social media talked about social media
Source: 2021 GFK MRI Simmons
Spring Doublebase. Affluent
consumers defined as A18+ with
Household Income $125K+.
Multicultural consumers defined as
Hispanic (Spanish or Hispanic Origin
or Descent: Yes) OR Asian
(Respondent Race: Asian) OR Black
/ African American (Respondent
Race: Black/African American only).
Indices based on affluent
multicultural consumers versus
affluent White, Non-Hispanic
consumers. Social media sharing &
trending stats based on 2021
GlobalWebIndex, Base: All Internet
Users, Index Affluent Multicultural vs
Affluent White, Non-Hispanic. 14They Spend Computers / Tablets / Men’s Apparel Watches
More Across Smartphones & Accessories & Jewelry
Key Categories $1,465
+16% more than Affluent
$1,550
+10% more than Affluent
$950
+8% more than Affluent
Non-Multiculturals Non-Multiculturals Non-Multiculturals
Women’s Apparel Organic /
Boats
& Accessories Eco-Friendly Products
$2,089 $62,704 $638
+6% more than Affluent
+7% more than Affluent +5% more than Affluent
Non-Multiculturals
Non-Multiculturals Non-Multiculturals
Skin Care, Cosmetics Personal Travel
Vehicles
& Fragrance (incl Cruises)
$678 $7,042 $33,370
+1% more than Affluent
+3% more than Affluent +2% more than Affluent
Non-Multiculturals
Non-Multiculturals Non-Multiculturals
15NBCU One Platform Solutions
NBCU is Reach – Affluent Multiculturals 18+ HHI $125K+
4Q21 - Average Monthly (000)
the Destination
For Affluent
Multicultural Viewers +3%
7,969 7,762 +12%
7,086 +25%
6,354
+55%
5,154 +72%
4,646
+176%
2,882 +242%
2,332
+541%
1,243
17Affluent Multicultural Growth is Already Happening, Brands Must Continue
Business to Support Multicultural Consumers Through Their Financial Journey
Growth in multicultural population, pursuance of higher education, higher paying jobs, and brand support
Implications with diversity initiatives will have a positive lasting impact of future wealth. Areas of significant opportunity to
speak to Hispanic and Black affluent consumers are auto, financial services, luxury goods, and alcohol.
Affluent Multicultural Consumers Are Young, Aspirational, and Thoughtful
This audience is young and actively building their wealth. Brands that engage, educate, and guide
consumers at this stage will gain a loyal, influential, and long-standing consumer base for the future.
Multicultural Affluent Consumers Value Cultural Integrity
Though Multicultural Affluent consumers are spending in some of the same categories as their
NHW counterparts, their motivations of doing so are specific and nuanced. Marketers have an
opportunity to tell stories connected to culture and consumer motivations, authentically reaching
their diverse consumer subsegments.
Media Is Key in Reaching This Diverse Audience
• Linear TV is still the largest reach driver to reach Multicultural users
• Contextual alignment to relevant programming provides a solution in heavily regulated industries
• Social media represents engagement and organic influencer opportunity
18Thank You. F O R MO R E I NF O R MAT ION, P L E A S E R E A C H O UT T O : Massiel Nunez Robert HoSang massiel.nunez@nbcuni.com robert.hosang@nbcuni.com
Understanding Affluent
Multicultural Consumers
August 2022Affluent Multiculturals Are Watching NBCU Content Across Genres
Affluent Black / AA Affluent Hispanic Affluent Asian Affluent Multiculturals
HHI $125K+ HHI $125K+ HHI $125K+ HHI $125K+
Super Heists
Project Runway
Reality Exatlon Project Runway Snapped
Growing Up Chrisley
Shows Casa De Los Famosos Botched Snapped: She Made Me Do It
Watch What Happens Live
Killer Siblings
The ReidOut
Noticias Telemundo NBC Nightly News
Dateline NBC Nightly News
News The Today Show The Today Show
Meet the Press The Today Show
Shows Today Show: Hoda & Jenna All In with Chris Hayes
Beat with Ari Melber Rachel Maddow Show
Hoy Dia Craig Melvin Reports
Rachel Maddow Show
NBC Sunday Night Football NBC Sunday Night Football
Sports NBC Sunday Night Football
NBC Sunday Night Football NASCAR Cup Race Series Notre Dame Football
Shows Premiere League
Figure Skating NASCAR Xfinity Race
Saturday Night Live Saturday Night Live The Voice The Voice
Chicago Franchise Chicago Franchise Chicago Franchise Chicago Fire
Entertainment (PD, Fire, & MD ) (PD & MD)
(PD & Fire) The Blacklist
Shows Law and Order Franchise Law and Order: SVU Law and Order Franchise
(Org. Crime, SUV) (Org. Crime & SVU)
New Amsterdam
The Voice The Voice WWE Days of our Lives
Source: L5M TacticVision System - Program - Rating Track, C3, 4Q'21 (9/27/2021 - 12/26/2021), Excludes Specials and Breakouts, Total Day (M-Su 6a-6a), excluding CNBC Prime (M-Su 7p-2a). Ranking based on Ratings.You can also read
