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.
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With the success of Crazy Rich Asians many brand managers will decide that it’s finally time to start paying attention to this often-overlooked segment. They will find, however, that unlike the U.S. Hispanic or African American markets, there is little consensus as to how to market to Asian Americans. The problem begins with the moniker. Asian Americans are less likely to identify with a pan-Asian identity & more likely to identify with their countries of origin. This is partly due to the more recent immigration status of the majority of Asian Americans (59% are foreign born as compared to 34% for Hispanics) and the dearth of Asian American role models and cultural touchstones in popular media.
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.
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Years ago, TV viewers watched and recorded their favorite shows on cable. Chained to our VCRs, we collected episode laden VHS tapes like squirrels collect nuts in the winter. Then DVRs came along, liberating us from reels of magnetic tape and wooing us with the allure of live TV on our own terms. Flash forward a few years. Streaming services disrupt TV as we know it. Viewers now have the option to stream entire seasons of shows from every genre, from throwbacks like The Wonder Years and Full House to Game of Thrones and Westworld, and everything in between.
Historically, small businesses in the U.S. have fueled the economic engine by supplying a steady stream of new jobs. However, in recent years, new business birth rates have slowed prompting the Kaufman Foundation to declare that startup rates are “half of what they were a decade ago.” This is surprising because the U.S. is seen as a global leader in entrepreneurship. Americans have created whole new industries from scratch through the courage, determination and skill of generations of risk takers. Is America at risk of losing this status? Perhaps, but why? It’s difficult to pinpoint the exact reasons for the overall decline in entrepreneurship in America.
ThinkNow conducted a national survey of 1,291 Americans aged 18-64 across various ethnic groups. We asked them about their interest in starting businesses, industries chosen, revenue goals, motivations, barriers and utilization of support services. The results are both eye-opening and potentially concerning. Overall, we found that the desire to start new businesses, revenue goals for those businesses and challenges experienced by their founders are not evenly distributed by gender and ethnicity.
Home purchase rates among African-American consumers have slowly crept upward over the past year, reflecting a 2004 peak in homeownership rates, which declined after the 2008 Great Recession. Since the start of 2017, the number of African-American homebuyers has steadily increased by the quarter. Our latest total market consumer sentiment report shows this trend continuing in 2018. As more African-Americans become homeowners, brands and companies will look to further connect with this demographic, as they pursue the American dream.
As the U.S. population continues to shift to a “minority majority,” multicultural marketing research firms have evolved to meet the growing demands of multicultural marketers tasked with tapping these hard to reach audiences. Over the last 10 years, this transition has occurred in waves. The Golden Age of Hispanic Marketing Research During the first wave, multicultural marketing research firms followed the multicultural agency model.