First published on www.nielsen.com
With the holiday season fast approaching, retailers are already bringing out their Christmas decor in hope that this year will bear a better sales return than last year. Nielsen conducted its annual holiday sales forecast and expects holiday spending in 2014 to rise 1.8% in dollars sales, compared with 1.2% in 2013. What’s behind this growth? Many factors, including lower gas prices. But multicultural consumers will push shopping carts to sales growth this season.
Rising number of consumers in the U.S. identify as multicultural. According to the 2014 U.S. Census, 55 million Hispanics live in the U.S., making up 17% of the overall U.S. population. In addition, 44 million African-Americans live in the U.S., which is 14.2% of the entire U.S. population. And 19.4 million Asian-Americans live in the U.S., which translates to 5.4% of the total U.S. population.