Smart consumer businesses are unanimous on the critical importance of “multicultural” growth opportunities. In the U.S., this is especially true now that Millennials — about 43% of whom are not white, according to Pew Research—make up a growing slice of most consumer markets. And it will be even more important for the generation that follows the Millennials; in 2011, non-Hispanic white births dipped under 50% for the first time.

Yet companies still cling to misconceptions about how to market to consumers of different racial and ethnic backgrounds, and their strategies aren’t evolving as quickly as they should. The most significant misstep: Most multicultural strategies and analysis still view consumers mainly via demographics — are you ethnic or not — instead of really trying to understand demand.

Assuming that certain ethnic demographics form the primary market for certain products results in missed opportunities at best — and sometimes it’s just flat-out wrong.

Consider a few examples. Suburban white men consume 80% of hip hop music, even though it’s typically considered a genre aimed at young, urban black Americans. Misconceptions like this aren’t limited to American markets. The Korean soap opera My Love From the Star, for example, has 200 times more views in China than Korea. This last fact was so alarming that China’s highest governing bodies met in Beijing last year to discuss the reasons why Chinese viewers display such high demand for non-Chinese shows.

And this doesn’t just apply to media. We’ve all heard that salsa is more popular than ketchup (in terms of money spent, if not volume), but the people doing most of the buying probably aren’t who you’d think. In previous posts, I’ve written about the concept of superconsumers — people who buy a disproportionate amount of a particular product. In the salsa category, Nielsen data shows that superconsumers are an important market — in fact, the top 10% of salsa consumers drive 50% percent of salsa sales. Interestingly, only 13% of salsa superconsumers are Hispanic. This means there are 5 million households buying lots of salsa who are white. Closer analysis shows they are more than just salsa superconsumers: These same white households also buy more than $1 billion dollars of other Hispanic food products.

Latino households in the U.S. are estimated at 20 million. If there are 5 million white superconsumers of Latino cultural products, is it possible that the market is understated by 25%? If that’s true, it’s a huge opportunity.

For managers, the implications are clear:

First, we need to look beyond demographics. Most likely the markets for all products we think of as culturally specific are understated by a significant amount, which should have big implications for resource allocation.

Second, culture is a choice and not a birthright. Culture, at its core, is a shared passion for distinct common experience. Sports, music, food, fashion, and hobbies are all culture. The currency of culture is how and where you spend your time and money. Ethnicity is not an exclusive passport that lets you in or keeps you out of a culture.

Given that culture is a choice, everyone — the white majority included — can choose to opt in. And while it is fine to share your culture, be careful not to superimpose it on others. As Korean American immigrant from Hawaii, I’ve felt a subtle yet strong pressure from “western business culture” to fake a passion for fine wine and French food, because that’s what well-educated professionals in America are supposed to enjoy consuming. But I didn’t grow up with these things, and I have other preferences. It wasn’t until I saw this as culture and a choice that I felt comfortable saying I enjoyed fermented Kim Chi as much as a fine French reduction.

For those of us who are minorities, recognizing that culture is a choice means being more inclusive. Authenticity is great, but adaptation can be great too. Everyone has the right to travel into new cultures should they choose to. And we as minorities should welcome them (and their dollars) in.

The best place to reach consumers who are multicultural in demand, not just demographics, may be in majority minority cities and markets. Just as superconsumers have a network effect on those around them, living near a large ethnic group has a big influence on what you watch and buy.

The bottom line is that a demographics-based view of culture is far less profitable than a demand-based view. As you create culturally specific products, TV programs, and marketing plans, make sure you’re not leaving money on the table.