Goldman Sachs Diversity Media Spend

Goals

To find information on female-owned and diverse-owned advertising media spending by financial institutions.

Early Findings

Total Ad Spend

  • A recent survey by Newscreed found that more than 91% of U.S.-based marketers agree that there is room for growth in incorporating diverse images by marketers.
  • According to Statista, in 2018, the total U.S. ad spend amounted to $223.7 billion. This amount was projected to grow to $240.68 billion in 2019.
  • AdWeek projected that in 2020, the total U.S. ad and marketing spend will grow to nearly $390 billion.

Advertising to Women Consumers

  • When consumers recognize themselves in ad messages, they are more likely to respond positively. This is because "up to 83% of people pointed to better representing modern society as the reason marketing campaigns were impactful in a positive way."
  • Women dominate consumer purchasing decisions and brands that want to reach this consumer group have to shift from traditional advertising methods and understand how cultural shifts affect this diverse group.
  • According to Forbes, around 85% of women consumers noted that if they like a brand, they will remain loyal to it.

Advertising to Multicultural Consumers

  • Multicultural consumers form about 40% of the total population in the U.S. Despite this, multicultural media spending only accounted for only 5.2%.
  • In 2018, total multicultural advertising and marketing spending amounted to $25.9 billion.
  • In 2018, spending targeting "Hispanics totaled almost $18 billion, a 5.3% increase over the previous year and far ahead of the amount of spend aimed at African-Americans ($7.2 billion, up 6.1%) or Asian Americans ($722 million, up 7%)."

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