Amazon has quietly launched Amazon Cash, a service that allows consumers to purchase products on Amazon without having to use a debit or credit card. In this bold move, the online retail giant strategically positions itself as a resource for the 32.6 million households in the U.S. that don’t use banking services (unbanked) or make limited use of them (underbanked). While Amazon’s overarching strategy is to engage these consumers, who represent 25.2% of the U.S. population, it is also an effort to attract more African-American and Hispanic consumers, who just so happen to be the most likely ethnic groups to be unbanked, according to an FDIC study.
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Special Report Brought To You By Abasto & ThinkNow. The steady growth of the U.S. Hispanic population has caught the attention of the Latin American food and beverage industry. The United States is the second largest Spanish speaking population in the world and represent a sizable opportunity for smaller, more localized Latin American brands to engage with a large pool of consumers more likely to try their products. Successful brands like Bimbo and Novamex have paved the way for other Latin American food and beverage companies aspiring to take up residence in the U.S.
A Nation Divided: 2019 ThinkNow Pulse™ Reveals Economic Outlook Differs Vastly By Ethnicity And Race
Insights from the 2019 ThinkNow™ Pulse survey are timely as we embark upon another year of projected growth for the U.S. economy. All key economic indicators point in the right direction suggesting that the Total Market’s economic outlook remains relatively stable when compared to prior years. However, at the micro level, this optimism fades. The familiar adage “a nation divided” pierces the heart of our data, revealing a country that has significantly different views on what to expect this upcoming year.
“Milestones” were the hallmark of 2018 as consumers weathered the highs and lows of another eventful year in America. Snowboarding icon Shaun White shred major powder on the men’s halfpipe to earn America it’s 100th Winter Olympics Gold Medal. African-American girls, clad in their Sunday best, sipped tea to salute the first African-American woman to become British royalty. And most recently, the midterm elections, coined the “most expensive” and “most watched” captivated the country in an epic battle for congressional seats and equality. In our final report of the year, ThinkNow Snapshot: 2018 Total Market Markers & Milestones™, we highlight some of the major shifts in trends that impacted economic outlook, holiday spending, and digital media use.
With its ongoing investment in original content, Netflix continues its dominance over traditional broadcast and is slowly but steadily disrupting the reign of large movie studios. Expected to spend $13 billion on original programming this year, Netflix clearly has no plans to slow down. In fact, our most recent study highlights its meteoric rise across the total market, noting the viewership gap between live TV and Netflix is becoming significantly narrower (6 points in 2018 vs. 23 points in 2017)
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Women’s entrepreneurship is thriving in America. According to the 2018 State of Women-Owned Business report commissioned by American Express, 1,821 women-owned businesses were launched per day over the last year, bringing the total number of women-owned firms to 12.3 million, employing over 9 million people and accounting for $1.8 trillion in revenue. So, in these last few days of October, as we wind down the celebration of National Women’s Small Business Month, we are still reminded of the tremendous contributions women business owners have made to the global economy, but also charged with challenging the antiquated mindsets and inadequate policies that still plague our cause.
New Report Finds Companies Underinvest in Digital Ad Spend to Reach Multicultural Consumers Today marks the last day of Hispanic heritage month, but the first time that digital media across ethnicity and race has been reported in the United States. Today is an important day for all of us in marketing, not just multicultural marketing. It is a day when the Mainstream ad spend will begin to be measured by ethnicity and race. Up to now, the mainstream has been synonymous with non-Hispanic Whites. But, given the dramatic changes in our demographic landscape over the last 20-years, the Mainstream or should I say, the New Mainstream is becoming a multicultural majority, and needs to be measured across ethnicity and race, moving forward.
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Now in its sixth year, one of our most popular reports, ThinkNow Retail™, has just been released, chock full of multicultural insights that give us some visibility into what retailers can expect during the 2018 holiday shopping season. The insights reinforce some trends we’ve seen the past several years such as the steady rise of online and mobile shopping. But, the report also has some surprises like Walmart dethroning Amazon as the number one destination for holiday shoppers.
As marketers, we tend to group people into neat little boxes (that’s technically what segmentation is, right?). Of these segments, no generation has been more clearly defined as millennials, although Gen Z is catching up. But the measure by which we define millennials — age — is rarely questioned. For years now, millennials have been identified as 18- to 34-year-olds. But, that age range has shifted, now indicating that they fall in between the ages of 22-37. Pew Research has drawn the proverbial line in the sand for millennials, defining them as “those born between 1981 and 1996 and the first generation to come of age in the new millennium.”
Almost 60% of the total market has heard of cryptocurrency. But if you are Hispanic or African-American, you are less likely to know what bitcoin is or how it works. Among Asian-Americans, however, this isn’t the case. According to our most recent study, “Cross-Cultural Cryptocurrency Insights,” nearly 70% of Asian-Americans are aware of cryptocurrency, followed closely by non-Hispanic whites at 61%. But awareness of cryptocurrency among Hispanics and African-Americans is low, which is surprising for two cohorts that typically over-index in digital usage and awareness. So what makes this technology so different?