Wednesday, January 27, 2010

Rise in Multiculturalism: China & Hispanic Continue Growth

By Ethan Lyon, Senior Writer


For many years now, the US has been top dog on the international stage. However, that level of influence might decline as other economies experience tremendous growth. The economic impact of the recession might have changed the US’s influence in the long-term. More and more, China is moving into the purview. The Shanghai Composite Index was valued at 35 times reported earnings, more than doubling in a year. Aside from our international presence, within US borders, Nielsen predicts multi-culturalism is going to drastically impact our national consumer package goods (CPG) in the future. The growth of the Latino population is reflected in political and social systems (think Sonia Sotomayor) and that same influence is going to greatly impact economy — particularly in the CPG industry.


Examples


China — “Economists think it will take only three to four years for China, which recently overtook Britain, to surpass Japan ($4.4tn GDP) to become the world’s number two economy,” writes the Guardian. The emerging nation’s manufacturing sector grew by the largest margin in five years in December, reports the BBC. This is fueling expecations of an estimated 10% economic growth in 2010. “While other countries slipped into recession in 2009,” writes the BBC, “China saw its annual GDP growth rate slip to a low of 6.1% in April last year.” Can this unfettered growth continue or will China’s bubble burst?


Multi-culturalism — “While the aging population will be dominated by non-Hispanic white consumers,” writes Nielson, “the majority of new families will be multi-cultural in less than two decades.” Nielson predicts that more than 50 percent of families with children are expected to be multi-cultural and one of every two people entering the US workforce will be Hispanic by 2025. This shift in demographic will greatly impact marketers and brands in the future.


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