3 MIN READ
5 MIN READ
3 MIN READ
The Key to building brand affinity with Multicultural Market may be connecting with the Multicultural Millennials
Being the first in the family to move to a new country, there are several cultural and environmental aspects that a person needs to get assimilated to. In the midst of all of the emotional changes, navigating through a variety of complex financial products can become a draining and a daunting task. What bank to open an account with, which credit card best fits my needs, what is a 401k, what insurance products are essential, what is credit, etc.? These are just few of the barrage of questions regarding finances that a person moving to the United States may have. I can attest to it since I have gone through that.
Globalization has resulted in a migration of workers around the globe; people are becoming more open to moving to other countries for employment. Currently, there are more than 38 million foreign-born residents in the United States with close to 17 Million of them being naturalized citizens. According to 2010 Census Data, the Multicultural segment among Millennials is 24% compared to 17% for generations prior.
While the Millennials born in the US can turn to their parents for guidance when it comes to financial products, the ones who have moved to the United States rely heavily on their ability to research. I believe this is important because it leads to a very objective approach to buying a product since there is no brand affinity built up. The companies that have a good web presence and information that better defines their products or services have a better chance of attracting these customers. Another major source of information for this group is their social network. Asking their friends and acquaintances regarding products is pretty common; however, most would use this information as a starting place to research rather than using the word of mouth as trigger for buying decision.
Multicultural Millennials also become a mentor to their parents and other family members in helping them make important financial decisions. In my family, I started to help with important financial decisions such as car insurance, banks, credit cards and investment options when I was seventeen. This is not an anomaly among Multicultural Millennials. Since the younger generation assimilates to the culture and the lifestyle faster, they are often put in a position to be more responsible at a younger age and help make important decisions for the family. This can also matriculate to extended family and friends because helping the community is a big part of many cultures. If companies can connect to the Multicultural Millennials by demonstrating value, they can expand their customer base not just to the Multicultural Millennials but also to people they can influence.
Trends and forecasting
2 MIN READ
5 MIN READ
Subscribe to GfK Insights