RAPID GROWTH OR SLOWING ECONOMY?
The study found almost one-quarter (23 percent) of Non-Hispanic Whites believe the economy is growing rapidly marking the highest share among this group reported in the past four years. Conversely, nearly one-third (29 percent) of Asian Americans and equally as many African-Americans think the economy will worsen in 2019. Almost one-third (29 percent) of total market feel the economy will worsen in 2019—a slow and steady rise of five percentage points since 2015.
“One thing is certain: nearly as many Americans have a pessimistic outlook for 2019 as do an optimistic outlook given the current political climate,” says Mario X. Carrasco, co-founder and principal, ThinkNow. “This makes it challenging for marketers who want to reach multicultural populations as one size does not fit all. They need to look more deeply into the impact culture has on consumer sentiment to reach diverse consumers.”
WHITES AND AFRICAN-AMERICANS MOST OPTIMISTIC
Not surprisingly, a majority (57 percent) of Non-Hispanic Whites were most likely to say their household income improved from one year ago. Almost 80 percent of President Trump supporters believe the U.S. economy is growing and nearly three-fourths have a more positive outlook on 2019. Along with Whites, African-Americans (43 percent) expressed the most optimism entering 2019 given the current political climate while 39 percent of Asians were actually less optimistic.
Other notable findings from the report include:
• The share of Hispanics who stated their financial situation improved in 2018 dropped significantly from 35 percent in 2017 to 27 percent.
• Asians felt their financial situation has remained stable the past year with a slight increase stating their financial situation has worsened from 19 percent in 2018 compared to 15 percent in 2017.
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