Editor's note: A previous version of this article misstated spending estimates because of a typographical error in a press release. This version has been corrected.
- Nielsen released “Multicultural Millennials: The Multiplier Effect,” which explores key aspects and trends of the millennial generation, including how culture, food and technology are essential points of entry for reaching them, according to Grocery Headquarters.
- The multicultural millennial population spends more than $65 billion each year and influences more than $1 trillion in total consumer spending. The entire generation has about 42% who say they are multicultural, and they represent local markets responsible for 47% of the total U.S. gross domestic product.
- As many as 88% of the most populated U.S. counties contain a multicultural majority, with 44% of multicultural millennials choosing to live in the Top 10 Nielsen Designated Market Areas, including New York, Los Angeles, San Francisco and Houston.
According to Nielsen's report, approximately half of all millennials claim they want to buy food from companies that have a strong "social purpose or mission." Still, it's equally important that these companies offer multicultural products and ethnic flavors.
Since the millennial generation is so digitally savvy, its no surprise that just about half use their mobile devices to browse and compare prices when buying items, while 80% enjoy buying items online. This is partially because its often easier to find specific multicultural products from an internet search compared to seeking out items in-store.
Retailers should target multicultural millennials by creating sections of the store that are geared toward their needs, as well as maximizing interactive social amenities. Ways to do this include in-store tastings, and consultations with dietitians or others who can give nutritional advice. Signage designed to appeal to millennials cah lead them to these parts of the store.
Multicultural millennials are also like to share their opinions on Yelp and other social media sites, so it’s important to make them feel appreciated so they can post positive reviews. Recent research from the Buzz Marketing Group revealed that millennials are a very loyal group, so these connections can go a long way.