15th
Annual Edition 'Buying Power of
Black America' report breaks down billions in expenditures Black
consumers are responding to tighter economic condition by focusing more of
their spending on items and services that improve their homes and
lifestyle. That's one of the trends revealed in the 15th annual report,
"The Buying Power of Black America," published by Target Market News. The
report analyzes spending for black households in 2008 and finds that
African-Americans...
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Yankelovich, Burrell release new multicultural study showing economy's
impact
(August 11, 2010) Striving for the American Dream has always been a goal
for many Americans, but today three-quarters of African-Americans (75%)
and Hispanics (76%), along with over two-thirds of Non-Hispanic Whites
(68%) believe "the American Dream is more of a dream than a real
possibility for most people," according to a new multicultural study
from The Futures Company.
The loss of some of the economic gains during the recession, coupled
with today's realities of lessening economic possibilities, has deferred
the economic dreams of many African-American and Hispanic consumers.
Today, 56% of African Americans and 63% of Hispanics say, "The recession
will change the way I shop forever," compared to 48% of Non-Hispanic
Whites.
Marketers looking to reach and engage these ethnic consumers will need
to re-energize them with attractive offers, new product innovations,
enthusiastic ways of getting their attention and effective persuasion
techniques, according to Sonya Suarez-Hammond, VP, Multicultural
Marketing Insights for The Futures Company.
The Yankelovich Multicultural Study 2010, to be released to study client
sponsors on August 4, blends proprietary data and cultural insights to
explore this central theme of "dreams deferred," a mindset that is
driving several key marketplace trends and dynamics, including how
African Americans and Hispanics are: "proceeding with caution" as
reality checks in and they engage with the marketplace in a post
recession era; Being "tougher on self" as they place even greater
demands and expectations on themselves; and experiencing and influencing
a nation in which "multiculturalism is still evolving."
"Despite economic setbacks and marketplace realities resulting in the
need to place some dreams on hold, it is important to note that African
Americans and Hispanics are not abandoning their dreams," notes
Suarez-Hammond. "For these ethnic consumers the dream will continue, but
today they are rethinking priorities and expenditures in order to pursue
the dream in a manner that is more responsive to current economic and
social realities," she added.
76% of both African Americans and Hispanics say, "I have become a much
more cautious person in general as a result of the recent economic
turmoil," compared to 65% of Non-Hispanic Whites.
34% of African Americans and 39% of Hispanics agree, "I've recently put
off buying something I could afford because I didn't want to seem
insensitive to my friends or neighbors with financial troubles,"
compared to 19% of Non-Hispanic Whites.
62% of African Americans and 66% of Hispanics agree, "I feel that I
have to take whatever I can get in this world because no one is going to
give me anything," compared to 53% of Non-Hispanic Whites.
More than three-quarters of all African Americans (84%), Hispanics (82%)
and Non-Hispanic Whites (78%) agree, "One of the best things about
America is the cultural diversity you find here."
The study was developed in collaboration with Burrell Communications and
Cheskin Added Value. Since 2003, the study has been the first of its
kind to explore and offer comparative and contrasting views of attitudes
and cultural values of the African-American, U.S. Hispanic and
Non-Hispanic White markets.
About the Study
The Futures Company collected data via a two-phase process: telephone
and Web interviews conducted in the respondents' language of choice
(Spanish or English), followed by a self-administered survey returned
via mail or the Internet. Both phases of the Yankelovich MONITOR
Multicultural Study 2010 were conducted from February 8 to May 3, 2010.
The total sample size was 6,266 (1,620 African Americans, 1,645
Hispanics and 3,001 Non-Hispanic Whites). The study includes an
African-American identity-expression segmentation model and a Hispanic
cultural-affinity acculturation segmentation model.
