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Multicultural Millennials Drive Growth In Certain Product Categories

At last count millennials stood at 75 million in the U.S., with 42 percent of them African-American, Asian-American and of Hispanic Heritage, which is driving new cultural trends and product purchases, according to a new report by Nielsen, the market research company.

According to Nielsen, these multicultural millennials are comfortable in different cultures but take more steps to keep their connection to their own culture, and that shows in their purchasing habits. Take different product categories, for example. Nielsen found that the growth rate for juices and frozen drinks is 167 percent among Asian millennials, while the same group’s purchases of greeting cards and party goods has resulted in 110 percent growth. Even their purchases of ice are driving growth in that product category up 74 percent. Hispanic millennials are driving the growth of baby food up 57 percent, wrapping materials up 50 percent and diet aids up 47 percent, while African-American millennials are driving greeting cards and party needs up 73 percent, liquor up 54 percent, and ice up 37 percent.

Meanwhile Nielsen found Asian-American millennials are spending their dollars on sewing supplies, vegetables and grains, and skin care products, while Hispanic American millennials are focusing their spend on photographic supplies, yeast and vegetables, and grains. African-American millennials are spending on ethnic hair and beauty products, hosiery socks and feminine hygiene products, while white millennials are purchasing floral and gardening products, seasonal ones, and canning freezing supplies.

It not just certain products that millennials are driving the growth for — they are also choosing hotels that have gyms over ones that don’t. According to a recent report, when planning trips around the world, millennials are seeking top-of-the-line fitness centers inside hotel facilities. Research from travel and hospitality firm MMGY Global shows 50 percent of millennials say the access to fitness classes is a high priority when it comes to hotel selection. As such, hotel chains will likely start using quality in-hotel fitness centers as a key promotional tool to help attract the up-and-coming young adult generation.



Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

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