CUNA Mutual Group released its annual TruStage® What Matters Now™ consumer research during CUNA’s Marketing and Business Development Council Conference this week. 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 2018 research builds on our 2015, 2016, and 2017 research, which revealed how middle-income Americans, millennials, and non-credit union members define success,” said Eric Hansing, vice president, multicultural and corporate strategy, CUNA Mutual Group. “We know the population is becoming more racially and ethnically diverse, so we focused our efforts on understanding the values and behaviors of multicultural consumers.”
With continually expanding buying power, multicultural consumers have emerged as one of the fastest growing and most influential consumer groups in the country. During 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.
“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.”