- Yana Polikarpov

A recent study reveals a wealth of data and specific insights into new realities faced by Hispanics and African Americans, where empowerment in the marketplace and influence on consumer goods, pricing and customer service represent some positive opportunities for businesses.

The Yankelovich Multicultural Marketing Study 2009, to be released to study sponsors on March 27, discloses that there are both rewards and pressures to empowerment for African Americans and Hispanics. Also, some influences enhance empowerment for these ethnic consumers, while other influences hinder empowerment.

The study was authorized by The Futures Co. in Chapel Hill, N.C., in collaboration with Chicago-based Burrell Communications and Florida State University’s Felipe Korzenny, founder and director of the Center for Hispanic Marketing Communication.

Since 2003, the annual study has examined ethnic consumer attitudes and cultural values, and offered comparative and contrasting views of the African American, U.S. Hispanic and Non-Hispanic White markets.

Four key trends were revealed by the study:  U.S. Hispanics and African Americans are “sustaining a resilient optimism,” have “a ‘being the first’ mindset,” are “experiencing cultural conflict” and “raising the bar in the marketplace.”

The study showed that in regards to economic uncertainty among all high-anxiety consumers, 70 percent of Hispanics say they are optimistic, compared to 48 percent of Non-Hispanic Whites. Seventy-five percent of both African Americans and Hispanics, compared to 56 percent of Non-Hispanic Whites, believe that it is a sign of success to be “among the first to know about new ideas, trends or things that are happening in today’s world.”

Internal and external tensions caused by greater empowerment causes 72 percent of African Americans and 63 percent of Bicultural Hispanics to “think a lot about how being African American or Hispanic affects them.” Seventy-seven percent of African Americans and 71 percent of Hispanics say, “Because businesses are too concerned about offending the general population, they fail to take a firm stand on issues that are important to minorities,” vs. 54 percent of Non-Hispanic Whites.

“The challenges posed by the new realities of empowerment, in the midst of today’s economic climate, provide an opportunity for companies to gain loyal African American and Hispanic customers,” said Sonya Suarez-Hammond, director of the study and vp of Multicultural Marketing Insights for The Futures Co., in a statement. “About 90 percent of African Americans and Hispanics say that companies that make sincere efforts to be part of the Hispanic or African American community deserve their loyalty. So it’s definitely worth the effort to try to connect with these ethnic consumers.”