New Mainstream Consumers Account for Eighty-Eight Percent of All U.S. Population Growth in Last Four Years
MIAMI — (BUSINESS WIRE) — March 12, 2014 — Geoscape, organizer of the 10th Annual New Mainstream Business Summit, released its 2014 American Marketscape Datastream report, examining population growth, buying power and targeted industry best practices for Hispanic, African American and Asian consumers.
The national summary of this year’s report examines the growth in population since the last U.S. Census was compiled in 2010, showing an increasingly prominent number of New Mainstream consumers, comprised of Hispanics, African Americans and Asians. During the last four years:
- 88 percent of the country’s entire population growth has been comprised of Hispanic, African American and Asian consumers – these groups now account for 35 percent of the entire U.S. population
- Hispanics are the nation’s fastest-growing population at more than 11 percent growth since 2010
- Hispanics grew at 8 percent higher than the overall national growth rate and 63 percent higher than the non-Hispanic white population
- There are now more than 56 million Hispanics, or 18 percent of the total population, plus nearly 4 million in Puerto Rico
- Asians and Pacific Islanders are the second-fastest growing segment, growing more than 9 percent to 16 million people overall
The report also includes several “Data in Action” market analyses which examine industry-specific issues and data points marketers can use to understand how best to attract New Mainstream consumers across the healthcare, consumer packaged goods (CPG), insurance, financial services and quick service restaurants (QSR) industries. Examples within the report include:
- An analysis of the impact of the Affordable Care Act on Hispanic consumers (Healthcare)
- How to market the right policy and coverage level to New Mainstream consumers (Insurance)
“We’ve known for a long time about the growing role New Mainstream consumers will play in our nation’s future,” said Cesar Melgoza, CEO and founder of Geoscape. “But when you examine the active impact on specific industries and markets you can actually see the influence these consumers have on the vitality of Wall Street. Brands must examine each market opportunity to see the data put to action. Then brands can gain a clear set of priorities to reach these groups effectively.”
The 2014 report is released from Geoscape’s New Mainstream Business Summit, the premier gathering of multicultural marketing brands, leaders, academics and thought leaders, taking place in Miami this week. For more information on agenda, venue and registration, visit the full event page at www.geoscape.com/summit.
Geoscape provides automated intelligence systems, unique data products, research and analytic services for companies seeking to tap into the growth of new mainstream consumers in the U.S., Canada and Europe. The online Geoscape Intelligence System (GIS), the DirecTarget® database enrichment system and a variety of geo-demographic, consumer, business and media databases enable actionable insights that lead our clients to gain significant business advantages. Geoscape is a privately held company owned by NMS Capital and Cesar M Melgoza, Founder & CEO, and is headquartered in Miami.
Adam Novak, 617-502-4326