Almost Half of US GDP is From Multicultural Millennials

According to Nielsen, out of the 75 million Millennials (ages 18-34) living in the US, 42% are of African-American, Asian-American, and Hispanic heritage.

“That shift will only accelerate over the next several decades,” according to Nielsen’s latest report titled Multicultural Millennials: The Multiplier Effect.  

According to the report, the high growth consumer packaged goods categories among multicultural millennials include frozen juices [a category that has been in decline for years] among Asian-American Millennials (167%-dollar growth rates in the 52 weeks ending July 30, 2016), and Baby Food among Hispanic Millennials (57%). 

Millennials who are Asian-Americans and Hispanics each make up about 10% of all purchases of dried grains and vegetables. Hispanic Millennials spend more on dried vegetables and grains compared to the average consumer. 

No surprise, 44% of all Millennials said that “it’s important or essential for their foods to include ‘multicultural flavors.’” 

This diverse demographic group is “bridging the gaps between their birth culture, their own children, and mainstream society,” the report said.  

Beyond the products they buy, multicultural Millennials are credited for valuing experience, looking for products that “enhance and support their connections to their culture.”