Striving for the American Dream has always been a goal for many Americans, but today three-quarters of African-Americans (75%) and Hispanics (76%), along with over two-thirds of Non-Hispanic Whites (68%) believe “the American Dream is more of a dream than a real possibility for most people,” according to a new multicultural study from The Futures Company.
The loss of some of the economic gains during the recession, coupled with todays realities of lessening economic possibilities, has deferred the economic dreams of many African-American and Hispanic consumers. Today, 56% of African Americans and 63% of Hispanics say, “The recession will change the way I shop forever,” compared to 48% of Non-Hispanic Whites.
Marketers looking to reach and engage these ethnic consumers will need to re-energize them with attractive offers, new product innovations, enthusiastic ways of getting their attention and effective persuasion techniques, according to Sonya Suarez-Hammond, VP, Multicultural Marketing Insights for The Futures Company.
The Yankelovich Multicultural Study 2010, to be released to study client sponsors on August 4, blends proprietary data and cultural insights to explore this central theme of “dreams deferred,” a mindset that is driving several key marketplace trends and dynamics, including how African Americans and Hispanics are: “proceeding with caution” as reality checks in and they engage with the marketplace in a post recession era; Being “tougher on self” as they place even greater demands and expectations on themselves; and experiencing and influencing a nation in which “multiculturalism is still evolving.”
“Despite economic setbacks and marketplace realities resulting in the need to place some dreams on hold, it is important to note that African Americans and Hispanics are not abandoning their dreams,” notes Suarez-Hammond. “For these ethnic consumers the dream will continue, but today they are rethinking priorities and expenditures in order to pursue the dream in a manner that is more responsive to current economic and social realities,” she added.