Who, Where, and Why Every Marketer Should Care
1804 marked the year that the world reached a population of one billion. It then hit two billion in 1927, three billion in 1960, four billion in 1974, five billion in 1987, six billion in 1999, and Census statistics project that the world will house seven billion people by the end of 2011. The world is growing, and the country that is behind most of this growth is the United States.
According to the U.S. Census Bureau, the American population more than tripled during the 20th century, increasing from 76 million in 1900 to 281 million in 2000, a growth rate of approximately 1.3% per year. In the last decade alone, the total U.S. population has increased by 25.5 million people. This influx may seem predictable considering the historic growth over the past hundred years, but the pivotal distinction of this increase is of those 25.5 million people, 20.8 million, or 81.3%, are considered multicultural.
The portrait of America has more of a changing face now than in the last one hundred, fifty or even ten years ago. Census Bureau statistics show that “population growth is fastest among minorities as a whole, and 45% of American children under the age of 5 belonged to minority groups.” By the year 2021, the Multicultural population is projected to reach 138.9 million people and will represent 40.3% of the total U.S. population. More specifically, the Hispanic share of growth represents 51% or 13 million of the total population growth.
The San Jose Group, an integrated multicultural marketing communications agency, interprets this growth as being synonymous with major marketing opportunities, especially since other countries are not so fortunate. Census statistics show that most European and Asian countries are experiencing population declines due to low fertility rates, specifically Germany, Russia, Italy, Greece, Japan and South Korea.
It is essential for businesses in the United States to capitalize on targeting these growing segments and establish trust and loyalty now. The numbers alone prove that the thriving multicultural population is the future face of America, and these consumers are too important to the bottom line to be an afterthought.