Today, 75 million Millennials call the United States home. Within that demographic, 42% are of African-American, Asian-American, and Hispanic heritage. This very large cohort of Multicultural Millennials drives 47% of the total U.S. gross domestic product, spending more than $65 billion each year and influencing upwards of $1 trillion in total consumer spending, according to research conducted by Nielsen.
As comfortable in the mainstream of American culture as they are in their birth cultures, Multicultural Millennials easily adapt to new situations and ideas. This ambicultural aptitude has favored Millennials with an outsized influence that extends beyond their peer group, making them uniquely positioned to be an independent insurance agencies more prolific evangelists.
Multicultural Millennials aren’t merely amplifiers, however. They have buying power in their own right. As the largest workforce demographic in the country, they’re equipped with disposable income. Nielsen’s report shows that half of all Millennials and more than a third of Multicultural Millennials have an income over $50,000. After a slow start, they’re finally in the market to make major purchases - from homes to cars - and they’ll need insurance.
As African-American, Asian-American, and Hispanic Millennials gain a position of dominance in the U.S. market space, they exert an extensive influence on their peers as well as older and younger generations. In other words, when an insurance agency converts one multicultural Millennial, that conversion is multiplied by the Millennial’s extended reach.
As the most powerful group of trendsetters in the U.S., multicultural Millennials cast a certain glow over the products that they favor. This “halo effect” anoints preferred products with the Millennial blessing, influencing how other groups receive the products.
Multicultural Millennials don’t just value their own cultures; they value a diversity of cultural experiences. Independent insurance agencies that want to appeal to this cohort should make efforts to authentically connect with and celebrate diverse cultures. Providing language options beyond English is a good place to start as two out of three Millennials agree it’s important to speak a language other than English.
Nielsen found that Millennials are 21% more likely to purchase sports apparel with sports-related logos than Boomers. In fact, across all multicultural Millennial sub-groups, a connection to spectator sports provides another means of connecting with one another outside of their cultures of origin. If you want to connect with this market, sports is a powerful and fun way to do so.
Naturally, a good amount of multicultural Millennials phone time includes time on social media sites like Twitter, Facebook, and SnapChat. Fortunately for insurance agents, social media is one of the most cost-effective ways to reach existing and new markets.
If you’re ready to reach out to multicultural Millennials, but you’re not sure where to start, give the experts at AgenciesOnline a call today