MENG recently published an article by Sandra Diaz, founder of the consultancy DIAZ & CO., about the role of multicultural marketing in the Millennial era. In the article, Diaz emphasized that Millennials represent a large, influential segment of consumers who are essential to the success of many companies. Diaz supported her assertion by citing a Pew Research Center report that states Millennials will overtake Boomers in 2015 as the largest living generation. She also noted that the 75.3 million Millennials spend $1.3 trillion annually.
According to Diaz, Millennials are also more multicultural than their predecessors, and the culturally diverse group requires a targeted marketing strategy. Diaz explains that marketers can assess the value of ethnic-specific marketing approaches for Millennials by analyzing how Millennial diversity influences a company and whether business performance is being impacted by multicultural groups.