Multicultural Consumer Market Offers Opportunity for Pharmacy Growth
The multicultural population is increasing and thus creating a vital new market for pharmacies looking to grow and expand their services, said Mariko Carpenter, VP of Strategic Community Alliances at Nielsen, in a session at the 2019 NACDS Total Store Expo in Boston.
The multicultural population is increasing and creating a vital new market for pharmacies looking to grow and expand their services, said Mariko Carpenter, VP of strategic community alliances at Nielsen, during a session entitled 'Capturing the Multicultural Consumer Market Drives Growth' at the 2019 NACDS Total Store Expo in Boston.
Multicultural consumers, defined as anyone who self-identifies as African American, Asian, Native Hawaiian/Pacific Islander, Hispanic/Latino, or multiracial, are 1 of the fastest-growing population segments in the United States. Capturing that market is a core tenet to a growth strategy for any business serving the public, Carpenter said.
The buying power of multicultural consumers is growing at an astounding rate, she added. It is estimated to increase 24% in just 5 years—from $3.8 trillion in 2018 to $4.7 trillion in 2023. At the same time, Carpenter said, consumers have seemingly endless choices at their fingertips and consumer trust is breaking down. All of this combines to mean greater urgency for pharmacies to evolve with the changing demography of the United States.
Pharmacists play a vital role in any community, but they are perhaps most important in underserved communities where pharmacists may be the patient's best source of care. Given this important position, Carpenter said, investing in a better understanding of the culture, values, and heritage of a multicultural consumer is vital to building authentic relationships and gaining the trust of these patients.
"This includes understanding the unique preferences among each of these communities," Carpenter said in a statement.
It is not merely pharmacists who have the opportunity to support multicultural patients, however. Carpenter added that with the democratizing power of digital, modern consumers can use their voice to support brands whose actions align with their own social beliefs and causes.
"We see in our data that many multicultural consumers expect the brands they support, to support social causes important to them," Carpenter said. "This reinforces the need for companies, particularly pharmacies that play a vital role in a community, to be inclusive, empathetic, and have diverse representation in their establishments."
Carpenter M. Capturing the Multicultural Consumer Market Drives Growth. Presented at: NACDS Total Store Expo in Boston, MA; August 24-26, 2019.