Here we would like to share some valuable takeaways from Cultural iQ at this event, highlighting the opportunities for brands targeting this large and diverse demographic:  

(Cultural iQ is a Toronto-based research and consulting firm, specializing in cultural intelligence and insights.)

A Fast-growing Population Lead by Newcomers

● Canada’s population in 2023 was 40,000,000 with 98% of population growth being immigration-driven.

● There were more than 1.16 million newcomers in Canada in the year of 2023.

●  While nearly half a million newcomers have gained permanent resident status, 60% of these newcomers have  temporary resident status.

Increasing Newcomer and Ethnic Opportunities

● Predictions suggest that by 2041, 32% of Canadians will be foreign-born, up from 22% in 2016.

●  The visible minority population is set to increase from 22% of 8 million to 40% of 19.5 million.

● The South Asian, Chinese, Black and Filipino communities are currently the largest visible minority groups in Canada and are projected to keep on growing and stay at the top in 2041

●  The greater Toronto area and greater Vancouver area are at the forefront of this demographic shift, with visible minorities making up 57% and 55% of the population respectfully.

●  In Toronto CMA, the South Asian population represent the largest visible minority group making up 19.2% of the total population.

●  In Vancouver CMA, the Chinese population represents the largest visible minority group making up 19.6% of the total population

Newcomers are Young and Well educated

●  Newcomers are, on average, 17 years younger than the typical Canadian and show higher potential for post-secondary education.

●  While 37% of all Canadians complete their bachelor’s degree, this figure rises to 67% among newcomers.

●  1 in 3 Alphas, Gen Z, and Millennials are visible minorities

Newcomers are active in the market as they settle in Canada

●  Newcomer households are larger, with 24% having five or more people compared to just 12% of Canadian households.

Cultural iQ’s data suggests that younger generations have begun to wield more spending power than their older counterparts. This trend is particularly evident among newcomers, who are young and well-educated, possessing substantial earning potential. The growing influence of the newcomer and visible minority demographic in the market emphasizes the importance for brands to tailor their strategies to engage with them effectively. Going forward, embracing diversity will be essential for brands seeking success in this rapidly evolving market.