The Center for the Future of Museums recently published a report called "Demographic Transformation and the Future of Museums". It's a substantial tome which lays out the story for paying careful attention to who we think our audiences are now, and are becoming. "Majority Minority—What Will It Mean for Museums?" is a key section.
There is lots of thought-provoking and inspiration for budget-setting material in there. Take a look. We'll be posting from time to time about it as we review the information and balance it against our experiences -looking backward and forward.
Image source: http://www.flickr.com/photos/pat_ossa/4336431744/