Combined with a surging multicultural population in the United States, the group's youthful makeup, larger average household size and digitally savvy members will all contribute to an estimated $4.1 trillion in spending power by 2019, according to Nielsen.
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"The effective years of buying … the numbers are quite a bit higher for each of the different multicultural segments," said Vanna Tran, senior manager of multicultural growth and strategy at Nielsen.
According to the report, the median age for non-Hispanic whites in the U.S. is 42. That compares with 32 for African-Americans, 35 for Asian-Americans and 27 for Hispanics.
When factoring in the average life expectancies for each of these demographics, non-Hispanic whites have the fewest years of effective buying power, at 36.7. That's followed by 42.3 years for African-Americans, 52.3 years for Asian-Americans and 56.5 years for Hispanics.
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Not only do these figures highlight the potential return on investment for retailers and consumer products companies that target multicultural shoppers, but they also change the conversation around the demographic that everyone wants a piece of: the millennials.
"The organizations are so focused on millennials, but how can we speak about millennials without looking at the multicultural quotient?" Tran said.