12 facts to convince your company to invest in Multicultural Marketing
As we head further into the New Year, I look forward to analysing and evaluating the Multicultural market as the industry continues to grow and evolve. In 2011 the ONS revealed that the UK had a multicultural population of over 7.5 million people. This demographic has undoubtedly risen further in the years since and has been reflected accordingly through developments such as the hijab emoji and M&S’ decision to introduce their ‘burkini’ swimsuit range. Though many brands are still missing out on the potential ROI to be gained from marketing to the UK’s multicultural population. Subsequently I have compiled 12 facts to help companies and brands consider the benefits of investing in ethnic marketing.
- £350 billion is up for grabs; this is the projected buying power of the UK ethnic market size.
- Size matters; 21% of the population in the UK are of ethnic heritage. Why miss out on reaching the largest market segment (a segment bigger than the population of Scotland, Wales & Northern Ireland)?
- 60% of the multicultural population is less than 24 years old and are potential customers. If you are looking for growth then you must understand these audiences and what makes them tick in order to be able to target them
- Ethnic media channels such as TV, radio and digital are growing rapidly and generating income from ethnic owned businesses (60% of the population have cable & satellite services installed to watch their own ethnic channels)
- 46% of UK multicultural consumers purchased products online in 2016
- 10 hours is the average time spent by multicultural audiences consuming their own ethnic media and engaging in multi-screen viewing
- Asian youth are likely to watch Bollywood films in cinemas once a month
- The size of ethnic households is higher than the UK population average, which results in three-times more average spending than an English shopper
- Ethnic consumers spend more on their homes, telecom, money transfer, entertainment, travel and education than the population in general
- Education attainment of ethnic pupils is higher than the UK average and results in higher diverse university graduates
- 35% of post graduates at universities are from multicultural backgrounds
- Polish, Arab and Turkish supermarkets are growing faster than any other group in the UK
Additionally, 95% of Multicultural Millennials consider themselves as loyal to brands they like and expect the brands to take a stand for the issues they believe in. Meanwhile 38% expect the brands they purchase to make their lives better and they regard this as being the most important factor in their choice of brand.
I hope these facts can help convince your company to target and invest in reaching the ethnic market, the largest growing market in the UK and Europe.