Multicultural consumers more likely to use mobile for financial research: CMG study
Research reveals differences in attitudes, beliefs and values.
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, according to CUNA Mutual Group’s annual 2018 TruStage What Matters Now consumer research, which was released during CUNA’s Marketing and Business Development Council Conference Tuesday.
The research revealed the unique makeup and preferences of today’s multicultural consumers, how these cultural differences impact business performance, and ways credit unions can reach and establish more meaningful relationships with this core consumer group.
“Our What Matters Now research revealed significant differences in what multicultural consumers want and how they use financial services,” said Hansing. “It also revealed how cultural differences impact business performance and ways credit unions can reach and establish more meaningful relationships with multicultural consumers.”
During the past five years, multicultural consumers accounted for 100% of U.S. population growth and 61% of credit union membership growth, according to The Collage Group, Latinum Network.
Other key insights include:
- Hispanic consumers are nine times as likely to acquire a small business loan within the next five years;
- 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% of Asian and white consumers own investment products.
The research also revealed 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, and placing the community above the individual.
For example, 42% of Hispanics, compared to 23% of whites, say they strive to live in the moment, which often influences their financial decisions and determines how these consumers feel about purchases. In addition, a notable divide appeared in how consumers view the act of taking-out a loan with Asians twice as likely and African Americans and Hispanics three times more likely than White consumers to report that taking-out a loan makes them feel idealistic in being able to help others.
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