The study, which was released at the ANA's Multicultural Marketing Conference this week, found that on average, marketers spend $4 million on multicultural advertising, which is 8% of their total ad budget.
More than half (54%) of respondents expected future increases in their multicultural advertising budgets. One-quarter (26%) expected them to remain the same, and only 6% anticipated reductions.
The predominant segments targeted included Hispanic (70%), African American (59%) and Asian American (27%).
To handle their multicultural marketing needs, 76% of respondents use boutique agencies. Forty-six percent of respondents said mainstream agencies were not capable of creating effective multicultural advertising.
The survey was based on responses from 100 ANA members.