Monday, June 21, 2010

The New General Market

Significant trends are confirming the existence of an exciting and interesting dynamic taking place. Today's multicultural segments are combining to form a unique 'general market'. A recent article in AdvertisingAge sheds some light on these shifts.

"Within the next three decades, Hispanics, African-Americans, Asians and other minorities, as well as young consumers, will become the country's new majority," Jeff Bewkes, Time Warner's chairman-CEO, recently said in an internal memo calling for a company-wide revamp of multicultural initiatives under the heading, "The Multicultural Key to Our Growth."

But beyond the sheer numbers -- there are 103 million Hispanics, Asians and African-Americans that currently make up one-third of the U.S. population, and are projected by 2042 to become the majority of the nation's population -- this new majority will be a young, diverse group that consumes media very differently.

Their preferences, tastes and ways are influencing what is now known as the "general market." And it is with this "new majority" in mind that some of the nation's largest marketers are shifting the way they speak to multicultural audiences, shaping their messages to address a group that is increasingly complex and diverse.