The Bay Area is home to an incredibly diverse population. Ten years ago, the 2010 census revealed that more than half of all people who live in the region represent diverse cultural groups. For example, Hispanics represented 23.8% of the population, Asians came in at 23.9%, and African Americans made up 6.7%.
By 2060, the non-Hispanic white population will constitute only 44% of the United States population. Meanwhile, minority groups in the U.S. have a combined buying power of $3.9 trillion.
The buying power of multicultural groups is increasing, which means it's important to consider them when developing your marketing strategy. As of 2019, the buying power of multicultural groups made up a considerable share of the American economy, with Latinx communities accounting for $1.7 trillion, Asian Americans with $1.2 trillion, and Black Americans with $1.4 trillion. Those numbers have only increased.