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Multicultural Marketing for Financial Services - Canada - April 2013

Published By :

Mintel

Published Date : Apr 2013

Category :

Banking

No. of Pages : 171 Pages


These demographic groups are a good audience for financial services institutions who can provide additional services that add value. Quality advisory services—whether in person or online—are one significant way to appeal to these groups that place a lot of emphasis on education, and may have the added advantage of increasing the level of trust.

Some questions answered in this report include:
  • What is the level of assimilation and how does that impact economic behavior in Canada?
  • How optimistic are multicultural respondents about the Canadian economic outlook, as well as for that of their own households?
  • What are the financial goals that will impact demand for financial products?
  • What are the preferred sources of financial advice and loans/funding that will also impact demand?
  • How do Canadian multiculturals prefer to obtain financial information? What marketing channels do they pay attention to?
TABLE OF CONTENT

SCOPE AND THEMES
What you need to know:
Data sources
Consumer survey data
Comperemedia
Abbreviations and terms
Abbreviations
Terms
Companies mentioned in this report:
EXECUTIVE SUMMARY
Size of the ethnic population
Figure 1: “Visible minority” group numbers and percentage of total population, 2006 and 2031 (proj.)
Level of optimism about the economic future
Figure 2: Attitudes about Canada and future opportunities, by race, February 2013
Short- and long-term financial goals
Figure 3: Financial goals within two years, two to five years, and five-plus years, net overall, February 2013
Figure 4: Financial goals to be completed within two years, by race, February 2013
Figure 5: Financial goals to be completed within two years, paying off unsecured debt, by race, February 2013
Figure 6: Importance of saving for education as a short term goal, by education level, February 2013
Figure 7: Financial goals to be completed—more than five years, by race, February 2013
Figure 8: Financial goals to be completed—more than five years, by household size, February 2013
Mistrust of banks and insurance companies
Figure 9: Attitudes about financial institutions, by race, February 2013
Sources of funding or advice
Figure 10: Sources of funding for real estate, vehicles, education and personal loans, overall, February 2013
Figure 11: Sources of financial funding—real estate loans, by race, February 2013
Figure 12: Sources of financial advice—general financial advice, by age, February 2013
Financial education and preferred sources of financial information
Figure 13: Attitudes about the economy and household financial situation, by race, May 2012
Figure 14: Channels used for information about investments and other financial products/services,
white/Caucasian and Asian, May 2012
Figure 15: Usage of sources of financial information, overall, February 2013
Figure 16: Usage of sources of financial information—“often used”, by race, February 2013
Figure 17: Preferred language for advertising, by race, February 2013
What we think
ISSUES IN THE MARKET
What is the level of assimilation and how does that impact economic behavior in Canada?
How optimistic are multicultural respondents about the Canadian economic outlook, as well as
for that of their own households?
What are the financial goals that will impact demand for financial products?
What are the preferred sources of financial advice and loans/funding that will also impact
demand?
How do Canadian multiculturals prefer to obtain financial information? What marketing channels
do they pay attention to?
INSIGHTS AND OPPORTUNITIES
Asians are early adopters of technology
A robust website is important
Gaining trust is important—and difficult
South Asians have more short-term financial goals
Minorities are using non-institutional sources of funding
TREND APPLICATIONS
Trend: Non-Standard Society
Trend: Help Me Help Myself
Mintel Futures: Access Anything, Anywhere
OVERVIEW OF ETHNIC POPULATIONS IN CANADA
Key points
Figure 18: Most common self-identified ethnic origins, 2006
Figure 19: “Visible minority” group numbers and percentage of total population, 2006 and 2031 (proj.)
Figure 20: Distribution of the foreign-born population by continent of birth, 1981-2031 (proj.)
Figure 21: Total immigration, Canada overall and provinces, 2007-12
Figure 22: Immigration by major cities, 2005-10
Figure 23: Total population speaking immigrant languages, by language group, 2011
Figure 24: Total population speaking major immigrant languages, by mother tongue, 2011
Growth in populations speaking immigrant languages
Immigrants have a higher rate of unemployment
INNOVATIONS AND INNOVATORS
Key points
Unsecured credit cards now available for recent immigrants
Welcomepackcanada.com
Agencies taking a new approach to multicultural marketing
ASIANS MOST LIKELY TO BE EARLY ADOPTERS OF MOBILE PAYMENTS INNOVATIONS
Key points
Canada ranks well for Mobile Payments Readiness— except for consumer readiness
Smartphone ownership facilitates adoption
Figure 25: Type(s) of mobile device owned by race, December 2011-January 2012
Asians and mobile and online banking activities
Figure 26: Banking activities in the last year on a mobile phone by race, December 2011-January 2012
Figure 27: Primary method of banking, by race, May 2012
Figure 28: channel used for auto insurance purchase, by race, May 2012
Interest in mobile banking and payments
Figure 29: Interest in conducting mobile banking and payments activities by race, December 2011-January
2012
Figure 30: Interest in using mobile phone for various activities by race, December 2011-January 2012
Figure 31: Reasons for concern about using phone as a mobile payment device by race, December 2011-
January 2012
MARKETING STRATEGIES
Key points
Preferred language for advertising
Figure 32: Preferred language for advertising, by race, February 2013
Figure 33: Preferred language for advertising, by age, February 2013
Figure 34: Preferred language for advertising, by household income, February 2013
Examples of direct mail and print advertising with a multicultural focus
Figure 35: CIBC mortgage loan acquisition direct mail ad, June 2012
Figure 36: TD Bank Easy Web internet banking loyalty direct mail ad, December 2012
Figure 37: Scotiabank mobile banking loyalty direct mail ad, January 2013
Figure 38: Affinity credit union Aboriginal Day print ad, June 2009
Figure 39: American Express Gold Rewards card acquisition direct mail ad, February 2013
Figure 40: American Express AeroplanPlus acquisition direct mail ad, March 2013
Television and online videos
Figure 41: CIBC: LunarFest video 2013
Figure 42: CIBC LunarFest: How to make a snake hat video, 2013
Figure 43: HSBC lemonade stand: Hong Kong dollars TV ad, 2013
Figure 44: TD Canada Trust – South Asian focused video, 2010
Figure 45: TD Waterhouse – Chinese focused video, 2010
Websites
THE MULTICULTURAL CONSUMER—LEVEL OF ASSIMILATION
Key points
Chinese more assimilated, Southeast Asians least
Figure 46: Indicators of level of assimilation—generation and education in Canada, by race, February 2013
Figure 47: Indicators of level of assimilation—generation and education in Canada, by age, February 2013
Figure 48: Indicators of level of assimilation—generation and education in Canada, by household income,
February 2013
Figure 49: Indicators of level of assimilation—generation and education in Canada, by household size,
February 2013
Figure 50: Indicators of level of assimilation—generation and education in Canada, by education, February
2013
Figure 51: Indicators of level of assimilation—generation and education in Canada, by employment, February
2013
Figure 52: Indicators of level of assimilation—generation and education in Canada, by provinces, February
2013
African/Caribbeans more likely to work with similar ethnic group
Figure 53: Current living and working status and plans to leave Canada, by race, February 2013
Figure 54: Current living and working status and plans to leave Canada, by age, February 2013
Figure 55: Current living and working status and plans to leave Canada, by household size, February 2013
Figure 56: Current living and working status and plans to leave Canada, by province, February 2013
INVESTING, REMITTANCES AND OTHER FINANCIAL ACTIVITY
Key points
Chinese least likely to send money overseas
Figure 57: Financial activity, by race, February 2013
Figure 58: Financial activity, by age, February 2013
Figure 59: Financial activity, by household income, February 2013
Figure 60: Financial activity, by household size, February 2013
Figure 61: Financial activity, by provinces, February 2013
FINANCIAL PRODUCT OWNERSHIP
Key points
Asians have more banking relationships
Figure 62: Type of financial accounts, either currently or in the past, by ethnicity, May 2012
Figure 63: Number of accounts held at banks or credit unions/caisses populaire, by race, May 2012
Figure 64: Types of accounts at institutions other than primary bank or credit union/caisse populaire, by race,
May 2012
Figure 65: Attitudes about credit card rewards and loyalty programs, by race, May 2012
Ownership of financial products—all ethnicities
Figure 66: Financial product ownership, by race, February 2013
Figure 67: Financial product ownership, by age, February 2013
Figure 68: Financial product ownership, by household income, February 2013
Figure 69: Financial product ownership, by provinces, February 2013
ATTITUDES CONCERNING ECONOMIC SUCCESS
Key points
Education is most important
Figure 70: Attitudes about attaining economic success, by race, February 2013
Figure 71: Attitudes about attaining economic success, by gender, February 2013
Figure 72: Attitudes about attaining economic success, by age, February 2013
Figure 73: Attitudes about attaining economic success, by household income, February 2013
ATTITUDES TOWARD THE ECONOMY AND OPPORTUNITIES IN CANADA
Key points
Attitudes about the economy—Asians and whites
Figure 74: Attitudes about the economy and household financial situation, by race, May 2012
Attitudes about the economy and economic opportunities—ethnic groups
Figure 75: Attitudes about Canada and future opportunities, by race, February 2013
Figure 76: Attitudes about Canada and future opportunities, by gender, February 2013
Figure 77: Attitudes about Canada and future opportunities, by age, February 2013
Figure 78: Attitudes about Canada and future opportunities, by household income, February 2013
ATTITUDES TOWARD FINANCIAL PRODUCTS AND INSTITUTIONS
Key points
Asians more likely to advocate—and criticize
Figure 79: Attitudes about banks, by race, May 2012
Figure 80: Attitudes about financial institutions, by race, February 2013
Figure 81: Attitudes about financial institutions, by gender, February 2013
Figure 82: Attitudes about financial institutions, by age, February 2013
Figure 83: Attitudes about financial institutions, by household income, February 2013
Figure 84: Attitudes about financial institutions, by provinces, February 2013
FINANCIAL GOALS
Key points
Strong focus on retirement
Figure 85: Financial goals within two years, two to five years, and five-plus years, overall, February 2013
NEAR-TERM GOALS
Key points
Figure 86: Financial goals to be completed within two years, by race, February 2013
Figure 87: Financial goals to be completed within two years, by gender, February 2013
Figure 88: Financial goals to be completed within two years, by age, February 2013
Figure 89: Financial goals to be completed within two years, by household income, February 2013
Figure 90: Financial goals to be completed within two years, by household size, February 2013
Figure 91: Financial goals to be completed within two years, by education, February 2013
Figure 92: Financial goals to be completed within two years, by employment, February 2013
Figure 93: Financial goals to be completed within two years, by provinces, February 2013
MID-TERM FINANCIAL GOALS
Key points
Figure 94: Financial goals to be completed in two to five years, by race, February 2013
Figure 95: Financial goals to be completed in two to five years, by age, February 2013
Figure 96: Financial goals to be completed in two to five years, by household income, February 2013
Figure 97: Financial goals to be completed in two to five years, by household size, February 2013
LONG-TERM FINANCIAL GOALS
Key points
Figure 98: Financial goals to be completed—more than five years, by race, February 2013
Figure 99: Financial goals to be completed—more than five years, by age, February 2013
Figure 100: Financial goals to be completed—more than five years, by household income, February 2013
Figure 101: Financial goals to be completed—more than five years, by household size, February 2013
Figure 102: Financial goals to be completed—more than five years, by presence of children in household,
February 2013
PREFERRED SOURCES FOR FINANCIAL ADVICE AND FUNDING
Key points
Figure 103: Sources of financial advice or funding, overall, February 2013
PREFERRED SOURCES FOR FINANCIAL ADVICE
Key points
Investment ideas
Figure 104: Sources of financial advice—investment ideas/advice, by race, February 2013
Figure 105: Sources of financial advice—investment ideas/advice, by gender, February 2013
Figure 106: Sources of financial advice—investment ideas/advice, by age, February 2013
Figure 107: Sources of financial advice—investment ideas/advice, by household income, February 2013
General financial advice
Figure 108: Sources of financial advice—general financial advice, by race, February 2013
Figure 109: Sources of financial advice—general financial advice, by gender, February 2013
Figure 110: Sources of financial advice—general financial advice, by age, February 2013
Figure 111: Sources of financial advice—general financial advice, by household income, February 2013
Advice on retirement investing
Figure 112: Sources of financial advice—advice on how to invest retirement savings, by race, February 2013
Figure 113: Sources of financial advice—advice on how to invest retirement savings, by gender, February
2013
Figure 114: Sources of financial advice—advice on how to invest retirement savings, by age, February 2013
Figure 115: Sources of financial advice—advice on how to invest retirement savings, by household income,
February 2013
PREFERRED SOURCES OF FUNDS
Key points
Small Personal Loans
Figure 116: Sources of financial funding—small personal loans, by race, February 2013
Figure 117: Sources of financial funding—small personal loans, by gender, February 2013
Figure 118: Sources of financial funding—small personal loans, by age, February 2013
Figure 119: Sources of financial funding—small personal loans, by household income, February 2013
Educational funding
Figure 120: Sources of financial funding—funds to pay for educational costs, by race, February 2013
Figure 121: Sources of financial funding—funds to pay for educational costs, by gender, February 2013
Figure 122: Sources of financial funding—funds to pay for educational costs, by age, February 2013
Figure 123: Sources of financial funding—funds to pay for educational costs, by household income,
February 2013
Vehicle loans
Figure 124: Sources of financial funding—funds to buy an automobile or another type of vehicle, by race,
February 2013
Figure 125: Sources of financial funding—funds to buy an automobile or another type of vehicle, by gender,
February 2013
Figure 126: Sources of financial funding—funds to buy an automobile or another type of vehicle, by age,
February 2013
Figure 127: Sources of financial funding—funds to buy an automobile or another type of vehicle, by
household income, February 2013
Real estate loans
Figure 128: Sources of financial funding—real estate loans, by race, February 2013
Figure 129: Sources of financial funding—real estate loans, by gender, February 2013
Figure 130: Sources of financial funding—real estate loans, by age, February 2013
Figure 131: Sources of financial funding—real estate loans, by household income, February 2013
SOURCES OF FINANCIAL INFORMATION—FREQUENCY OF USE
Key points
Figure 132: Channels used for information about investments and other financial products/services,
white/Caucasian and Asian, May 2012
Figure 133: Usage of sources of financial information, overall, February 2013
Figure 134: Usage of sources of financial information—often used, by race, February 2013
Figure 135: Usage of sources of financial information—often used, by gender, February 2013
Figure 136: Usage of sources of financial information—often used, by age, February 2013
Figure 137: Usage of sources of financial information—often used, by household income, February 2013
APPENDIX – KEY DEMOGRAPHICS
Figure 138: Key demographics for ethnic groups (gender, age, income), February 2013
Figure 139: Key demographics for ethnic groups (household structure, education and employment, province),
February 2013
APPENDIX – TRADE ASSOCIATIONS AND AGENCIES
APPENDIX: RESEARCH METHODOLOGY
CONSUMER RESEARCH
Primary Data Analysis
Sampling
Global Market Insite (GMI)
Secondary Data Analysis
Experian Simmons National Consumer Studies
Statistical Forecasting
Statistical modelling
Qualitative insight
The Mintel fan chart
Weather analogy
APPENDIX: WHAT IS MINTEL?
Mintel provides industry-leading market intelligence
Mintel Solutions:
Mintel Oxygen Reports
Mintel GNPD
Mintel Inspire
Mintel Beauty Innovation
Mintel Menu Insights
Mintel Research Consultancy
Mintel Comperemedia 

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