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Nielsen's annual Consumer 360 Media Summit in Washington, D.C. Photo: Sara Fischer/Axios

Speaking at Nielsen's Consumer 360 Summit in Washington, executives from brands, publishers and non-profits agree that using traditional demographics, such as race and religion, to target advertisements to people is often less effective than targeting people by their diverse interests, such as movies and hobbies.

Why it matters: Data-based marketing has made this type of targeting possible. In the past, placing TV or newspaper ads allowed marketers to target by age, gender and location. Today, there are many more targeting opportunities, and more diverse targeting can be more effective.

Expand chart
Data: Nielsen; Chart: Axios Visuals

By the numbers: A whopping 71% of real total expenditures growth from 2005-2015 came from ethnically-diverse consumers, according to Nielsen's Consumer Expenditure Study.

  • Today, 21 of 25 of the most populated U.S. counties are a multicultural majority. And 44% of multicultural millennials choosing to live in the Top 10 Nielsen Demographic Marketing Areas (DMAs), including New York, Los Angeles, San Francisco and Houston.
  • Multicultural millennials who are active on their mobile devices spend over $65 billion per year — with an increasing majority of those dollars being spent online. They also influence more than $1 trillion in total CPG and entertainment spending.

"The definition of cultural ID is changing," says Maya Peterson, Director, Creative Strategy, Viacom's marketing services team, Velocity. "It's not just a thing you're born with, like race or religion, but it's really about passion, interests and hobbies."

  • Peterson says a survey Viacom conducted found that found consumers are least passionate about the qualities they born with, but rather they pick "passions" and interests to identify themselves with. "As marketers, we need to be more fluid in ways define this generation."

Dual identities is also prevalent within this generation, says Lia Silkworth, SVP of Insights and Consumer Development at Telemundo. "We have to acknowledge and understand that people have plural identities in this country." She cites a consumer who identifies equally as being English and Pakistani.

Understanding sentiment around culture is important too, says Grant Schneider, Chief Strategy Officer of the Gay & Lesbian Alliance Against Defamation. GLAAD, he said, commissioned a survey to learn how comfortable people are with the gay community — to target them based on their comfort levels, not their own identity.

Our cultural assumptions inform our algorithms, says Edwin Wong, SVP of Research and Insights at Buzzfeed. Wong says that marketers often assume that programmatic targeting is binary: "Are you a man or a woman?" But many people don't identify with gender or other qualities as being one or another, but rather being somewhere on a sliding scale or a spectrum.

  • "Our algorithms and statements use historical data to target, and if we don't understand the consumer, what does it mean about our algorithms? Our programmatic advertising? Who exactly are we targeting?" he said.

Go deeper

Laurel Hubbard to become 1st openly trans athlete to compete at Olympics

New Zealand's Laurel Hubbard at the Gold Coast 2018 Commonwealth Games in Australia, when she became the first openly transgender athlete to represent NZ. Photo: Scott Barbour/Getty Images

The New Zealand Olympic Committee has announced that Laurel Hubbard has been selected for the women's weightlifting team for the Tokyo Games — making her the first openly transgender athlete to compete at the event.

The big picture: Hubbard, 43, is part of a five-member Kiwi weightlifting team and will compete in the women's super heavyweight category. Meanwhile, BMX rider Chelsea Wolfe will become the first openly trans athlete to travel to the Olympics with Team USA, when she arrives in Tokyo as a reserve rider.

American Airlines cuts hundreds of flights amid demand surge

Photo: Joe Raedle/Getty Images

American Airlines announced Sunday that it's cutting some 950 flights from its schedule, including 296 this weekend, to reduce potential pressure on its operations, the Wall Street Journal first reported.

Driving the news: The U.S. vaccine rollout has led to a massive increase in travel bookings. The airline noted in an emailed statement that it's facing an "incredibly quick ramp up of customer demand."

Updated 4 hours ago - Politics & Policy

Florida Pride parade fatal crash a "tragic accident," police say

Participants walk away as police investigate the scene where a pickup truck drove into a crowd of people at a Pride parade in Wilton Manors, Florida, on Saturday. Photo: Jason Koerner/Getty Images

Police said Sunday they believe a driver unintentionally hit spectators at a weekend Pride parade in Wilton Manors, Florida, resulting in the death of one man and leaving another person hospitalized.

The latest: Addressing speculation that the crash may have been a hate crime against the LGBTQ community, Wilton Manors police chief Gary Blocker said in a statement: "Today we know yesterday's incident was a tragic accident, and not a criminal act directed at anyone, or any group of individuals."