Explain the trends in the racial and ethnic composition of the U.S. how marketers can use this information.
What will be an ideal response?
Another notable demographic characteristic of the U.S. population is its changing racial and ethnic composition. Approximately one in three U.S. residents belongs to the following racial or ethnic groups: African American, Native American or Alaska Native, Asian American, or Native Hawaiian or Pacific Islander. While the growing size of these groups has been identified through new Census data, their economic impact on the marketplace is also very noticeable. By 2015, Hispanics, African Americans, and Asian Americans will spend $1.3 trillion, $1.1 trillion, and $880 billion each year, respectively. To adapt to this new marketplace, many companies are developing multicultural marketing programs, which are combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races and ethnic groups.
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