Here at C+R, we are very excited for the arrival of Spring! For this Emerge Smarter issue, we are focusing on multigenerational households as we are finding that discussions of this topic are on the rise. According to Pew Research, the number of Americans who live in multigenerational family households is about four times larger than it was in the ‘70s and currently represents about 20% of the U.S. population. Let that sink in…about 1 in 5 Americans now live in a multigenerational household.
Then let’s factor in the multicultural component. Our CultureBeat and YouthBeat divisions have been researching generations and multicultural consumers for decades. In fact, we’ve known for years that multicultural households are likely to have multiple generations living under one roof.
We believe that the following reasons are driving these living arrangements…
- The changing makeup of the U.S. population – given that multicultural Americans are more likely to live in a multigenerational household, this is contributing to the increase.
- Financial necessity – for lower income households as well as post-college young adults moving back home (straddled with student loan debt, low wages, etc.).
- Caregiving needs – encompass both ends of the spectrum…from caring for an aging parent, other adults, or grandchildren.
So why should your brand care about multigenerational households? We feel that this multicultural, multigenerational household market has become too large for marketers to ignore; this newsletter covers this topic and the importance of knowing the nuances that define the makeup of each generation.