Almost Half of U.S. GDP From Multicultural Millennials
According to Nielsen, out of the 75 million Millennials (ages 18-34) living in the United States, 42 percnet are of African-American, Asian-American and Hispanic heritage. “That shift will only accelerate over the next several decades,” noted Nielsen’s latest report, "Multicultural Millennials: The Multiplier Effect."
According to the report, the high-growth consumer packaged goods categories among multicultural Millennials include frozen juices. That's a category that has been in decline for years among Asian-American Millennials, to the tune of 167 percent dollar growth rates in the 52 weeks ending July 30, 2016; while baby food among Hispanic Millennials is up 57 percent.
Millennials who are Asian-Americans and Hispanics each make up about 10 percent of all purchases of dried grains and vegetables. And, Hispanic Millennials spend more on dried vegetables and grains compared with the average consumer.
No surprise: 44 percent of all Millennials said that “it’s important or essential for their foods to include ‘multicultural flavors.’” This diverse demographic group is “bridging the gaps between their birth culture, their own children and mainstream society,” Nielsen's report added.
Beyond the products they buy, multicultural Millennials are credited for valuing experience, and looking for products that “enhance and support their connections to their culture.”