As retail marketers, we tend to think about touch points in terms of hitting the right audience at the right time. However, there are underlying components that make up an audience that many in retail overlook — especially when it comes to emerging demographic differences within the U.S. population.
Specifically, America’s Hispanic and Asian populations are the country’s most powerful retail buyers. Cumulative lifetime spending of Asian Americans and Hispanics increased by 44% and 17%, respectively, from 2013 to 2014. This is caused by these groups growing gradually younger, living longer, and spending more money because they have larger households. If marketers are not developing custom touch points for these groups, then they are essentially throwing potential profit and lucrative long-term customer relationships away.