Multicultural consumers are emerging as one of the fastest growing and most influential consumer groups in the country. During the past five years, our research shows that multicultural consumers accounted for 61 percent of credit union membership growth.
Discover how your credit union can reach and establish valuable relationships with this core consumer group through the latest insights from purchasing trends to consumer attitudes in the TruStage® What Matters Now research.
“Our What Matters Now research revealed significant differences in what multicultural consumers want and how they use financial services,” said CUNA Mutual Group’s Eric Hansing, VP, multicultural and corporate strategy. “It also revealed how cultural differences impact business performance, and ways credit unions can reach and establish more meaningful relationships with multicultural consumers.”
Opal Tomashevska, manager, multicultural business strategy, at CUNA Mutual Group added, “When examining the research findings, it’s important to remember a person is made up of many unique cultural aspects. 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 does not attempt to speak for every individual.”
Insights from the research:
Planning for the future:
- Hispanic consumers are nine times as likely to acquire a small business loan within the next fivc years.
- African American consumers are two times more likely to take-out a student loan than White consumers.
- 69 percent of Asian and white consumers own investment products.
Convenience and flexibility are important:
- 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.
- Speed of lending is more important to multicultural consumers than non-Hispanic Whites.
- Convenience and flexibility are two times more important to Hispanic and African American consumers, even if it means paying higher rates and fees.
Click here for the full report.