African Americans and Hispanics are deferring economic dreams; deferring dreams of greater self-reliance; and deferring dreams of an imminent equal society exclusive of prejudice.CHAPEL HILL, N.C., Aug. 3 /PRNewswire-HISPANIC PR WIRE/ -- 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.
-- 76% of both African Americans and Hispanics say, "I have become a much more cautious person in general as a result of the recent economic turmoil," compared to 65% of Non-Hispanic Whites.
-- 34% of African Americans and 39% of Hispanics agree, "Ive recently put off buying something I could afford because I didnt want to seem insensitive to my friends or neighbors with financial troubles," compared to 19% of Non-Hispanic Whites.
-- 62% of African Americans and 66% of Hispanics agree, "I feel that I have to take whatever I can get in this world because no one is going to give me anything," compared to 53% of Non-Hispanic Whites.
-- More than three-quarters of all African Americans (84%), Hispanics (82%) and Non-Hispanic Whites (78%) agree, "One of the best things about America is the cultural diversity you find here."
The study was developed in collaboration with Burrell Communications and Cheskin Added Value. Since 2003, the study has been the first of its kind to explore and offer comparative and contrasting views of attitudes and cultural values of the African-American, U.S. Hispanic and Non-Hispanic White markets.
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About the Study
The Futures Company collected data via a two-phase process: telephone and Web interviews conducted in the respondents language of choice (Spanish or English), followed by a self-administered survey returned via mail or the Internet. Both phases of the Yankelovich MONITOR Multicultural Study 2010 were conducted from February 8 to May 3, 2010. The total sample size was 6,266 (1,620 African Americans, 1,645 Hispanics and 3,001 Non-Hispanic Whites). The study includes an African-American identity-expression segmentation model and a Hispanic cultural-affinity acculturation segmentation model.
About The Futures Company
The Futures Company (http://www.yankelovich.com/) delivers measurable breakthroughs in marketing productivity for Fortune 500 clients. We identify for our clients specific, tangible opportunities for competitive advantage by moving them from simplistic targeting to advanced productivity solutions. The Futures Company was established in 2008 with the merger Yankelovich, Inc., and Henley Centre HeadlightVision, creating an unparalleled global consultancy powered by unique database and segmentation solutions and unparalleled information-based insights into consumer motivations and lifestyles.
About Our Collaborative Partners
Burrell Communications is a leader in understanding and motivating consumer behavior in the African-American and Yurban(R) markets. The agencys work has resulted in their clients receiving industry recognition for developing programs that provide both cultural relevance and outstanding business results. Burrell was launched in 1971, and is based in Chicago with an office in Atlanta and a satellite location in Los Angeles. The full-service marketing communications company has close to $200 million in annual billings, and its client roster includes major corporations, including American Airlines, General Mills, the Illinois State Lottery, McDonalds, Procter & Gamble, Supervalu and Toyota. You can find more information about Burrell at http://www.burrell.com.
Cheskin Added Value is a consulting firm that guides innovation through its deep understanding of people, cultures and change. Grounded in research, design and business analysis, Cheskin helps companies identify new markets, develop new products and services, and enhance brand experience. Clients include leading global brands and many of the Fortune 500. Cheskin helps clients relate customer experience to real business issues, touching every point of the product development process. With a diverse multicultural staff and global network, the Company is highly regarded for an ability to uncover the meaningful experiences that create competitive advantage in the U.S. and internationally. Cheskin is part of Added Value Group with 25 locations in 15 countries. Visit http://www.cheskin.com for more information.
SOURCE The Futures Company