Exciting news – Canada’s immigrant population is expanding significantly! The cautionary news – are marketers listening? Well, you should. Why? Because of the size and pace of growth of these new customers, their spending power, and their market impact.
According to a recent story in the National Post, ‘According to Statistics Canada, if the country’s current patterns of low birth rates and high immigration continue, by 2041 half of us will either be immigrants or the children of one. Immigrant families are already a pretty large demographic in Canada; 40 per cent of Canadians in the 2016 census were either first or second-generation immigrants. StatCan’s highest estimates are that this demographic will comprise upwards of 25 million Canadians by 2041, which could represent as much as 54.3 per cent of the total population.’ It’s a dramatic shift for sure but importantly, it’s happening now right before our eyes transforming our demographics that demand attention. At its most basic level, these are your new customers, people who are filling job vacancies (labour shortage, anyone?) and buying products and services. As a marketer, you want them to be buying yours.
More tellingly, the speed of immigration is impressive. In 2021, Refugees and Citizenship Canada’s (IRCC) immigration target was 401,000, but that was exceeded when 405,303 new immigrants were landed, reaching a new historic high. This pace will continue as already signaled by IRCC. Top three countries of origin? India (32%), China (8%), Philippines (4.3%) – all Asian countries with distinct cultures. Importantly for marketers, most newcomers in 2021 (62%) belong to the economic class, which is 4% higher than the year before. What this means is affluent Asian immigrants or, customers.
If you haven’t felt the impact of these cultural customers, just fasten your seat belts. COVID had a dampening effect for sure since 70% of these economic immigrants were already in the country (and couldn’t travel) and it was easier to fast-track these applicants. But for 2022 and beyond, with travel restrictions lifted, expect 400,000+ brand new migrants to grace our shores adding to your customer base. That’s almost 1 million new customers in the next two years. Time to take this seriously?
To recap: new customer Size and Pace of growth, Affluence, and Market Effect.
There’s a lot to unpack. Let us know how we can help.