People
Multicultural Millennials: The New Generation Coming of Age
By
Apr 29, 2010, 18:41

According to a new study, Hispanic and African American millennials surpass their White peers when it comes to altruism, community involvement, and optimism about their ability to effect positive change in the world. The study of men and women born between 1979 and 2003 says multicultural millennials are a kinder, gentler generation with a rosy outlook and commitment to clean up the mess they inherited.

While the study finds 81 percent of all millennials feel the severity of world events are causing them to get more involved in effecting change in the world, Hispanic and African American millennials are more motivated to make those changes than Whites of the same age.

"Multicultural Millennials: The New Generation Coming of Age," based on data from The Futures Company's 2009 millennial poll of 2,500 consumers, explores the degrees to which multicultural millennials, also known as "Generation Y," differ from their White counterparts regarding community, the environment, economic issues, retention of cultural heritage, and consumer trends.

"Branding now involves tangible involvement at a community level and commitment to making a difference," said Juan Pablo Quevedo, IMAGES USA Director of Marketing Research and Strategic Insight. "Ideas that help to solve real problems are the "new cool."

To that end, as consumers, multicultural millennials are clear on their affinity for brands that support African American and Hispanic communities and understand culturally relevant nuances and triggers. The majority of Hispanic millennials (87 percent) and African American (88 percent) agree that companies making a sincere effort to be a part of their communities deserve their loyalty.

However, their enthusiasm is tempered by their belief that "very few brands and companies genuinely care about the state of my community." Additionally, a company's environmentally sound practices influence multicultural millennial's buying decisions, regardless of cost. African American and Hispanic millennials (61%) are more likely than White millennials (52%) to pay more for products and services that are better for the environment over those who are not.

"Consumer product group marketers have fallen into a comfort zone, targeting millennials across the board as one monolithic entity. The multicultural millennial has a surprising and unique value system, and a different set of decision-making criteria around brand choices," said Ricki Fairley-Brown, IMAGES USA CMO. She continued, "As the Millennial Generation will soon eclipse the size of the Baby Boomers, this dynamic group of consumers will drive the future growth of brands. Marketers would be remiss to not embrace them."

Other key findings include:

* Multicultural millennials are more sensitive to personal, community, and environmental involvement than White Millennials

* Hispanic millennials (88 percent) and African American (84 percent) galvanize around cultural identity, which gives them a strong sense of purpose

* Entrepreneurship symbolizes success for Hispanic and African American millennials. Both groups are significantly more inclined to agree that owning your own business is a sign of success and accomplishment, versus White Millennials.