The ethnically diverse — Hispanic Americans, Asians and African Americans — are rapidly becoming the core of the United States population. Hispanic Millennials represent the greatest market opportunity for the near future
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Multicultural communities are becoming the core population of the United States. Hispanic, African and Asian Americans are now more than 120 million people (38% of the total population) and are the emerging consumer force of the country, according to Nielsen.
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The buying power of Hispanic, Asian and African Americans reached $3.4 trillion in 2014. The growth in their buying power has been double that of the total U.S. population since 1990, according to Nielsen. The buying power of the Hispanic population alone reached $1.5 trillion in 2015.
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Ninety-two percent of the population growth between 2000 and 2014 came from ethnically diverse groups.
The three groups combined are already over 50% of the population in Hawaii, the District of Columbia, California, New Mexico and Texas and are close to being the majority in Nevada, Maryland, Georgia, Arizona, Florida and New York. These three groups together are projected to increase by 2.3 million each year and will be the majority of the United States population by 2044, according to the U.S. Census.
Hispanics or Latin Americans are the country’s largest bloc and are the fastest-growing. They are 17.6% of the total United States population today, with about 57 million people, and will present the fastest growth in the near future, according to census projections.
There are also 40 million African Americans and 16 million Asian Americans, according to the last data.
As these groups’ population grows, so does their purchasing power.