Today, we released our annual TruStage® What
Matters Now™ consumer research at CUNA’s
Marketing and Business Development Council Conference.
The new research
reveals insights on multicultural consumers and how their cultural differences can impact business performance. It also shares ways credit
unions can reach and establish more meaningful relationships with this core consumer group.
Why multicultural? Over the past five years, multicultural consumers accounted for 100 percent of U.S. population growth and 61 percent of credit union membership growth, according to The Collage Group, Latinum Network.1
Highlights from the new study include:
· Hispanic
consumers are nine times as likely to acquire a small business loan within the
next five years.
· African
American and Hispanic consumers are twice as likely to research financial
products and services using mobile apps and call to ask about financial
products.
· Convenience
and flexibility are two times more important to Hispanic and African American
consumers, even if it means paying higher rates and fees.
· African
American consumers are two times more likely to take-out a student loan than white consumers.
· And, 69
percent of Asian and white consumers own investment products.
“When examining the research findings, it’s important to remember
a person is made up of many unique cultural aspects,” said Opal Tomashevska,
manager, multicultural business strategy, CUNA Mutual Group. “Be careful not to
over-generalize or create stereotypes from this information and apply it to all
members of a certain group. The data shows trends and significant differences,
but it does not attempt to speak for every individual."
The new #WhatMattersNow research also reveals significant differences in
multicultural consumers’ attitudes, beliefs, values, feelings and priorities.
Multicultural consumers rank considerably higher than white consumers in these
six areas:
· Optimism
· Hustle
· Living
in the moment
· Worry
· Generosity
· Placing
the community above the individual.
Click here to read the full announcement, or go to www.cunamutual.com/whatmattersnow for the research report itself.
