The good news is that following years of lagging
overall U.S. ad spending growth, multicultural ad spending -- ad budgets targeting Black, Hispanic and Asian Americans -- will expand faster than the general marketplace next year.
The bad
news is most of that growth is coming from one segment -- Hispanic Americans -- while ad budgets aimed at Black and Asian Americans will continue to represent a minority share of multicultural ad
spending.
Those are the findings of an updated U.S. multicultural ad-spending forecast released this morning by advertising tracker and forecaster PQ Media, and the findings come in sharp
contrast to cries for accelerating the growth of so-called diversity media marketplace spending in recent years by major advertisers and ad agencies.
"Much of the record growth and
media spend projected in 2024 will be generated by the Hispanic segment of the multicultural market," PQ notes in the new report, adding that U.S. Hispanic media will benefit from political ad
campaigns targeting the segment in a hotly contested U.S. presidential election year.
advertisement
advertisement
"Hispanic media already commands 68.3% of multicultural media spend and accounts for more than double the
combined share of the other two multiethnic demographics – African-American (28.8% share) and Asian-American (2.9% share) -- although both segments are forecast to post accelerated growth of
nearly 8% in 2024."
PQ Media CEO and Founder Patrick Quinn noted that Hispanic media ad spending will benefit not just from political ad spending -- particularly in Florida, Texas and
California next year -- but from 2024 coverage of international soccer events leading up to FIFA's 2026 World Cup in North America.