The importance of multicultural marketing cannot be overstated. People of color are increasing in population seven times faster than the general market and have a spending power that has doubled over the last decade to more than $1.5 trillion.

+ Hispanics
Hispanics comprise 15 percent of the U.S. population and have a spending power of nearly $800 billion. By 2050, they will be 25 percent of the population. Today, Hispanics are living differently than previous generations. They have higher levels of education, earn more and yield more influence.

+ African Americans
By 2020, African Americans will total 45 million. Recognized as trend-setters, they have a collective purchasing power of more than $550 billion. They spend more on items like cars, clothing and furniture than the general market.