The last five years has brought both hardship and opportunity to multicultural consumers. In addition to its human toll, COVID led to disproportionate job loss, followed by high inflation. The Black Lives Matter movement, AAPI hate and anti-immigration sentiment also deeply impacted many. These consumers have persevered throughout it all, with Black consumers emerging as particularly positive, with a high share consistently believing their circumstances are improving. Meanwhile, Asian consumers – as a whole the most educated and affluent – seem the most negative about their current jobs and prospects, likely due in part to tech layoffs that have strongly impacted this group. Many LGBTQ+ consumers are also struggling in the face of significant pay gaps and workplace discrimination.
Helping multicultural consumers accomplish their goals and dreams will mean meeting them where they are. For Hispanic consumers, that may involve supporting entrepreneurship; for Black consumers, creating strategies to cope with significant educational debt; for LGBTQ+ consumers, embracing families that may not look like traditional ones. And for all consumers – but particularly Asians – financial planners will need to help drive resilience in a world where careers no longer follow a linear path and everyone must be prepared for change.
This report looks at the following areas:
- Key demographics for multicultural adults, including age, income and employment
- Drivers for building wealth such as educational achievement, retirement savings and expected inheritance
- Current employment status and attitudes regarding work
- Approaches used to build wealth
- Competitive strategies financial firms are using to connect with multicultural consumers
- Opportunities to help multicultural consumers achieve their financial goals
This Report focuses on multicultural adult consumers’ attitudes and behaviors toward their personal finances, employment and building wealth. For the purposes of this Report, “multicultural” refers to adults who identify as Asian/Pacific Islander, Black, Hispanic, or from an unspecified racial or ethnic group (denoted as “other”).
Post-COVID financial turmoil has combined with historic issues to make achieving financial success more complex than ever for multicultural consumers.
Fiona O'Donnell, Senior Director – Lifestyles, Culture & Identity, Multicultural, Travel & Leisure
Market Definitions
This Report covers multicultural American consumers’ behaviors and attitudes toward their finances, employment outlook and approach to wealth building. For the purposes of this Report, “multicultural” refers to adults who identify as Asian/Pacific Islander, Black, Hispanic, or from an unspecified racial or ethnic group (denoted as “other”). White consumers are also included in the research.
Collapse All
-
Executive Summary
- What you need to know
- What consumers want and why
- Market predictions
- Opportunities
-
Multicultural America: An Overview
- A nation that is becoming increasingly diverse
- Not a monolith
- Hispanic, Black and Other race populations skew younger
- Graph 1: distribution of generations, by race/Hispanic origin, 2023
- Family households most prevalent among Asian and Hispanic consumers
- Graph 2: households – family vs non-family type, by race/Hispanic origin, 2021
- Graph 3: households – family vs non-family – detailed type, by race/Hispanic origin, 2021
- Significant financial inequities across groups
- On average, Black and Hispanic households lag in income
- Graph 4: median household income ($), by race/Hispanic origin of householder, 2022
- A diverse range of incomes within each group
- Graph 5: household income distribution, by race/Hispanic origin, 2022
- Wealth gap even greater than income gap
- Graph 6: median wealth ($), by race/Hispanic origin, 2021
- An LGBTQ+ pay gap
- Graph 7: pay gap for LGBTQ+ workers – average cents on the dollar, by race/Hispanic origin, 2021
-
Market Dynamics
- Market context
- Healthy 3.0% expansion seen in Q2 2024
- Graph 8: quarterly real GDP growth, 2020-24
- Inflation has continued to decline throughout 2024
- Graph 9: headline CPI and shelter CPI, 2021-24
- Consumer sentiment remains down, but is expected to improve
- Graph 10: consumer sentiment index, 2022-24
- Unemployment remains low, but is slowly ticking up
- Graph 11: unemployment rate, by race/Hispanic origin, 2019-24
- Tech industry corrects in 2023
- Graph 12: tech industry employee lay-offs, 2022-24*
- Median wages continue to rise
- Graph 13: median weekly earnings for full-time workers, 2020-24
- Market drivers
- Discrimination persists in the financial system
- Graph 14: share of unbanked and underbanked households, by race/Hispanic origin, 2021
- Homeownership is increasingly elusive
- Graph 15: homeownership rate, by race/Hispanic origin of householder, 2011-21
- Distinct occupational trends by race
- Graph 16: occupation, by race/Hispanic origin, 2023
- Tech and energy sectors are common employers
- Graph 17: primary industry of employment, by race/Hispanic origin, 2024
- Complex trends around education
- Higher education most common for Asians, least common for Hispanics
- Graph 18: education completed by persons 25 and older, by race/Hispanic origin, 2021
- White students borrow the least for higher education
- Black students least likely to graduate in four years
- Graph 19: years to graduate college, by race/Hispanic origin – first-time students entering school in 2010
- Women take the lead in higher education
- Graph 20: college graduates, by gender and race/Hispanic origin, 2021
- Black women are beginning to take the lead as breadwinners for their families, driven by greater educational attainment
- Educational attainment of Black Millennials
- Retirement challenges for Hispanic, multicultural consumers
- Hispanics lag significantly in retirement wealth
- Graph 21: median retirement wealth ($ thousands), by race/Hispanic origin, 2022
- Limited access to employer plans for Hispanic, multicultural consumers
- Graph 22: retirement plan participation and contribution, by race/Hispanic origin, 2022
-
Consumer Insights
- Consumer fast facts
- Assessment of current and future finances
- White consumers most content with current financial situation
- Graph 23: current financial situation, by race/Hispanic origin, 2024
- Black consumers are most likely to feel they have experienced positive change
- Graph 24: change in financial situation over the past 12 months, by race/Hispanic origin, 2024
- Black consumers consistently feel their situation is improving
- Graph 25: change in financial situation over the past 12 months (any better off), by race/Hispanic origin, 2022-24
- LGBTQ+ more likely to feel they are struggling
- Graph 26: current financial situation, change over past 12 months, expectations for next 12 months, by LGBTQ+ vs non-LGBTQ+, 2024
- Other/multiracial consumers expect to see change – of both kinds
- Graph 27: expected change in financial situation over the next 12 months, by race/Hispanic origin, 2024
- Optimism runs deep for Black consumers
- Graph 28: expected change in financial situation over the next 12 months (any better off), by race/Hispanic origin, 2022-24
- The pandemic continues to weigh on women, Hispanic consumerss
- Graph 29: "The economy is worse off now than before the pandemic" (any agree), by select demographics, 2024
- Impact of current events
- Older consumers generally more concerned about financial impact of election, especially taxes
- Graph 30: attitudes toward election impact on finances (any agree), by age, 2024
- Older consumers generally more concerned about financial impact of election, especially taxes
- Graph 31: attitudes toward election impact on finances (any agree), by race/Hispanic origin and aged 18-44, 2024
- Graph 32: attitudes toward election impact on finances (any agree), by race/Hispanic origin and aged 45+, 2024
- Help women to navigate post-election changes
- Graph 33: attitudes toward election impact on finances (any agree), by race/Hispanic origin and female, 2024
- Relate to younger consumers with sustainability efforts and planning around weather events
- Graph 34: attitudes toward concerns about environment and finances (any agree), by race/Hispanic origin and aged 18-44, 2024
- Reassure Asian parents and homebuyers with disaster preparedness
- Graph 35: attitudes toward oncerns about environment and finances (any agree), by race/Hispanic origin and parent*, 2024
- Asian consumers over-index for homeownership in areas that have experienced natural disasters, making climate impact a greater concern
- Address inequity to appeal to older Black consumers
- Graph 36: attitudes toward economic inequality (any agree), by race/Hispanic origin and aged 45+ , 2024
- The Birwood Wall | Home. Made. Podcast S3 E1 | Detroit Housing Segregation and Racism
- Ways to build wealth
- Few consumers focus on investing
- Graph 37: ways of building wealth, 2024
- Asian, Non-Hispanic and White, Non-Hispanic consumers are the most likely to own stocks
- Black and Hispanic consumers are the most entrepreneurial and likely to have a second job
- Graph 38: ways of building wealth, by race/Hispanic origin, 2024
- The FIRE this time?
- Younger consumers and men significantly less likely to focus on saving
- Graph 39: ways of building wealth – save and budget, by race/Hispanic origin, gender and age, 2024
- Multiple income streams are more prevalent among affluent Black, Hispanic and other race consumers
- Graph 40: ways of building wealth – select items, by race/HIspanic origin and HH income $75K+, 2024
- Men more open to investing
- Graph 41: ways of building wealth – investing, by race/HIspanic origin and male, 2024
- Financial institutions have bridges to build
- Graph 42: attitudes toward financial institutions (any agree), by race/Hispanic origin, 2024
- Older multicultural consumers are less trusting of financial institutions
- Graph 43: attitudes toward financial institutions (any agree), by race/Hispanic origin and aged 45+, 2024
- Attitudes toward wealth
- Most believe in the benefits of hard work
- Lower-income, older Black consumers less likely to believe hard work is rewarded
- Graph 44: "If I work hard, I can get ahead and achieve success" (any agree), by race/Hispanic origin and key demographics, 2024
- More than work matters for Black and Hispanic consumers
- Graph 45: self-perceptions, by race/Hispanic origin, 2024
- White, Hispanic consumers most open about finances
- Graph 46: attitudes toward comfort discussing finances (any agree), by race/Hispanic origin, 2024
- Employment status and satisfaction
- "Side hustles" help many
- Graph 47: number of work-based income sources, by race/Hispanic origin, 2024
- About two-thirds of working adults are satisfied with their current job
- Graph 48: employment satisfaction, by race/Hispanic origin, 2024
- Men, more affluent consumers like their jobs
- Differences in job satisfaction seen by gender, income
- Graph 49: "I am satisfied with my current job and do not plan seek alternative employment," by race/Hispanic origin and key demographics, 2024
- Job seekers are optimistic – perhaps overly so?
- Employment attitudes
- Help build financial resilience in the face of job fears
- Graph 50: attitudes toward employment security (any agree), 2024
- Security messaging is particularly relevant for Asian workers
- Graph 51: Asian workers' attitudes toward employment security (any agree), by key demographics, 2024
- High level of confidence in skills
- Hispanic workers feel they are a good fit for their jobs
- Graph 52: employment – work alignment with qualifications/skills, by race/Hispanic origin, 2024
- Graph 53: employment – confidence in skills/experience, by race/Hispanic origin, 2024
- Asians most likely to feel their employers don't value them
- Graph 54: employment – valued by employer, by race/Hispanic origin, 2024
- Relatively few workers describe experiencing discrimination
- Graph 55: employment – discrimination at work, by race/Hispanic origin, 2024
- Young White workers most likely to have discrimination concerns
- Graph 56: employment – "I do not face discrimination at work," by race/Hispanic origin and key demographics, 2024
- LGBTQ+ workers face significant employment concerns
- Workplace discrimination is a reality for many in the LGBTQ+ community
- Graph 57: employment attitudes, by sexual orientation, 2024
- Income trends and attitudes
- Majority did not receive a pay increase last year
- Graph 58: salary status, actions, plans, expectations, by race/Hispanic origin, 2024
- Alternate income may be a cushion for Black workers
- Graph 59: non-work income status and expectations, by race/Hispanic origin, 2024
- Working women recognize a pay gap
- Graph 60: employment – "I'm fairly paid for the work I do," by race/Hispanic origin and key demographics, 2024
- Reassure women with planning and budgeting tools
- Graph 61: attitudes toward economy and money worries (any agree), by race/Hispanic origin and female, 2024
-
Competitive Strategies
- Competitive strategies and market opportunities
- Rocket Money puts consumers in charge
- East West Bank embraces Asian heritage – and past struggles
- JP Morgan Chase makes things happen for multicultural communities
- Mastercard helps Hispanic consumers make their own way
- Prudential echoes the Hispanic voice
- Opportunities
- Partner with Black financial experts to create connections
- Use tech to open up access
- Help the underserved LGBTQ+ community
- Focus on the here and now – not just the future
- Help Asian Americans feel prepared and resilient
- Address the core factor of Black student loan debt
- In summary: key recommendations and implications
-
Appendix
- Market definition
- Consumer research methodology
- Consumer research questions
- Generations
- Abbreviations and terms
Market Intelligence Made Easier With Mintel
The first Mintel Market Intelligence report was published over 50 years ago. Since then, we have provided our unique insights and understanding of consumers, innovation and global markets to thousands of customers worldwide. Here’s why our customers rely on Mintel:
- Gain a comprehensive, 360-degree view of the market: Mintel reports blend consumer research, market forecasts, product innovation tracking, and competitive analysis, allowing businesses to see every angle of their industry and identify new opportunities quickly.
- Make decisions with confidence, grounded in robust data: Each report draws on up-to-date, reliable information from trusted sources and industry experts, ensuring your strategies are based on solid evidence rather than speculation.
- Benefit from expert analysis and practical recommendations: Mintel’s reports are written by experienced analysts who interpret complex data and provide clear, actionable insights you can trust to guide your next moves.
- Stay ahead with actionable intelligence on market trends and consumer behaviour: By combining fresh research with long-term market monitoring, our reports help businesses anticipate changes and adapt strategically. So you’re prepared to make informed decisions and drive growth.
What goes into a Mintel Market Intelligence Report?
Curious about how a Market Intelligence report comes together? We like to think of it as building a detailed puzzle. We start with individual pieces: data from consumers, market statistics, industry trends, and online conversations. Then our expert analysts add world-class human insight and industry knowledge. The pieces are assembled to reveal a clear, comprehensive picture of a market.
The Four Pillars of Our Research
We use a combination of four main research methods when creating our reports, each adding a valuable perspective:
- Consumer Research: Direct surveys with real people, giving us clear, current insights into what people think and do.
- Desk Research: In-depth review of trusted data sources. We use this rich database, plus powerful internal tools that track new products and market sizes, to detect trends and guide forecasts.
- Trade Research: Insights from conversations with industry experts. Their real-world experience helps us understand what’s happening behind the scenes.
- Brand and Social Media Research: Analysis of online opinions and trends. This lets us spot trends, measure brand sentiment, and capture feedback in real time, adding further depth to our research.
Bringing It All Together
Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.
Our expert analysts are skilled in weaving these diverse data streams together. They apply a range of quantitative and qualitative analysis techniques to uncover the deeper story, connecting the dots to deliver clear, actionable insights. This comprehensive, multi-layered process is how we transform raw data into a market intelligence report you can trust to inform your most important business decisions.
$ 4,995 (Excl.Tax)
-
Download today with instant access
Pay via credit card or invoice (net 30 payment terms)
-
Multiple formats provided
We send a PDF, Powerpoint and Excel Databook straight to your inbox. An interactive version of the report is also available on our online platform
-
Interactive databook included
Focus on the data that matters most to you with a customisable databook avaliable on our platform
-
Save up to 20% when you purchase multiple reports
Discount automatically applied in basket
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn moreTrusted by global industry leaders
Working in a customer-obsessed organization means that data and insights have to be at our fingertips. Mintel’s reports help us support anecdotes with real quantifiable insights. The summary sections (which I really like) helps save time by giving a birds eye view of the content before spending time combing through the pages.
Our business review discussions are strengthened by the relevancy of the reports to help us better understand our customers. In addition, the customer service received from the team (especially in crunch periods) makes the process of understanding customer behavior even better.
Ngozi Ngonadi-Nkwoji, Senior Marketing Manager, Amazon
One of the biggest challenges we face is the need to get smart on a business or category real quick.
We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.
We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.
Jeff White, Business Development Director, Deutsch
At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.
Alana Gavin, VP Research and Insights, Jackman
We use Mintel Reports, mostly for financial services and ecommerce markets, plus a few retail and technology ones.
As a leading payments provider, we value additional insights into consumer behaviour, opinions and trends that are shaping the many different markets we operate in. Mintel is a very good and very quick way for us to obtain those insights.
We use Mintel to get a view on where a particular market is going, which can support us in product development and help us identify opportunities or indeed risks, it is a very useful barometer of a market’s potential.
Andrew Neeson, Market Intelligence Manager, VocaLink
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
Virginia Harvey, Secondary Research Manager, Epsilon
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn more
