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Propelled by the prominence of First Lady Michelle Obama and newly minted Supreme Court Justice Sonia Sotomayor, 2009 has become the year of “multicultural” women, and this will drive the “multicultural women’s century,” according to a new study by research firm Packaged Facts.
According to “The U.S. Market for Multicultural Women: How African-American, Latina and Asian-American Women Are Driving Change in the American Consumer,” multicultural women (defined as women who do not identify themselves as non-Hispanic white) already account for nearly a third of the women’s population, and will be in the majority in a little more than 30 years.
In addition, within 20 years, multicultural women will predominate among 25- to 44-year-old women. And by 2050, multicultural women will represent 51 percent of the female U.S. population.
“Black, Latina, Asian-American and other multicultural women already wield buying power in excess of $1 trillion and are the primary decision-makers in the vast majority of their homes,” said Tatjana Meerman, publisher of Packaged Facts. “Multicultural women represent more than one-quarter of the buying power of all U.S. women.”
Beyond their pocketbook power, multicultural women represent a significant opportunity for marketers, the report finds. Using data from Experian Simmons Winter 2009 National Consumer Study, the report found that multicultural women are relatively optimistic about their own financial situation and the economy as a whole. Multicultural women make up 43 percent of women who expect the American economy to be somewhat or significantly better off 12 months from now.
The study provides an overview of market trends and opportunities and the buying power of multicultural women, offering a look at demographic trends affecting the market. It provides an in-depth analysis of the consumer behavior of multicultural women, including the use of leisure time, money management and shopping patterns. Also discussed are the three main segments’ media usage patterns and receptivity to advertising.