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19 July 2022 / Report
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This is one of a series of insight papers drawn from our latest wave of research into Multicultural Consumers in North America. For more insights into this topic, please visit: https://www.conference-board.org/topics/multicultural-consumer |
In our latest Multicultural Consumer Survey, we asked about the behavior of different groups in purchasing goods and services to express their identity, be that race, individuality, gender, or lifestyle.
Quantifying and understanding the degree to which people do this will help businesses focus their propositions to appeal to different sectors.
Investing in expressing your identity is a pursuit for the young. It is not surprising that a focus on expressing one’s identity is skewed toward the younger population. Perhaps it always has been. The clothes, the products, the gear, the places you get your hair cut, the entertainment you choose, etc., are all markers of who you are, and as that self-identity is forming, external expressions can be bought and sold. No matter what business you are in, this is an opportunity to win the custom of those forming their lifelong habits by appealing to and serving this need to express themselves.
Those with more money are more likely to consider expressing their iden
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