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The Herman Trend Alert January 20, 1999 Multicultural Markets Present Tremendous Opportunities A recent study released by New America Strategies and DemoGraph Corporation looked at 13 different spending areas, including entertainment, clothing, vehicles, and home purchases. The study compared the projected expenditures for a number of ethnic groups as well as white households. The results were interestingùif not predictable. In the next three years, spending by ethnic minorities will increase at three to three and one-half times faster than, particularly in the areas of healthcare and entertainment. There are a number of good reasons why we're not surprised: A strong, near full-employment economy has provided job opportunities that have put much more money into these folks' previously empty pockets. After watching white households enjoy "the good life" for years, they're ready to buy it for themselves. These ethnic minorities, for cultural and religious reasons, generally have larger families that require higher expenditures for clothing and entertainment, not to mention healthcare. So what does this study mean to marketers? These overlooked minorities offer outstanding opportunitiesùif the marketers understand HOW TO address them. These groups often value different things from white household and from each other, e.g., Asians value owning their own businesses and revere their elders more than other groups; Hispanics value their family relationships and education for their children. If you seek to motivate people to take action, you MUST look at what they value FIRST. © Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Joyce Gioia, Strategic Business Futurist. 1.336.210.3548 or https://hermangroup.com. To sign up, visit https://HermanTrendAlert.com. The Herman Trend Alert is a trademark of The Herman Group, Inc." HEAR JOYCE SPEAK TOMORROW AT 11:30 AM EDT Tomorrow morning, Joyce will be a Fireside Chat Speakers at the Brightside Business Women Empowerment Virtual Conference where she will talk about how business women can use the insights from her new, groundbreaking book, EXPERIENCE RULES, to be successful. Register for FREE at https://brightsideglobaltrade.org/women. GET COACHING FOR YOUR PEOPLE FOR LESS THAN $1/DAY! Gain access to dozens of coaches for the same low price. Find out more by visiting https://ingomu.com/joyceg JOYCE IS ON THE RADIO EVERYDAY NOW To listen to Joyce's TV shows on the radio, simply visit RadioFutures.com. Joyce's show is streaming every day at 3:00PM Pacific Time. To read this Herman Trend Alert on the web: https://hermangroup.com/alert/archive_3-29-2023.html. Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers. New subscribers are always welcome. There is no charge for this public service. The Herman Trend Alert is read by over 30,000 people in 90 countries, including other websites and printed periodicals. Click here to sign up for the Herman Trend Alert. Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded Herman Trend Alert service. Subscribe or Unsubscribe to weekly Herman Trend Alert View this week's Herman Trend Alert Archived Weekly Herman Trend Alerts

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