The Growing Hispanic Market
The Hispanic community in America is the largest and fastest growing community. It’s very
diverse; not only racially, but also culturally. Even though the majority of Hispanics come from
countries where the first language is Spanish, that doesn’t mean that their cultural identities
are the same. Hispanics from Central America have different cultural identities than the
Hispanic from South America and often take offense to a blind comparison.
Unfortunately, here in the United States, many people assume that all Hispanics are the
same, that they share the same social status, educational background, or religion. On the
contrary, Hispanics are a very complex community, a community that is becoming a
tremendous economic force and a new frontier for all the business that want to reach a market
with over 44.3 million people. The income level, and population increase is also faster among
Hispanics than any other minority group in the United States. Three compounding factors to
consider.
Because of these facts, and others, marketers, retailers and manufactures are reevaluating
their strategies to tap into this market and take advantage of it. The Hispanic buying power
has tripled to more than $740 billion in the last seven years and one third of all Hispanic
households earn more than $50,000 a year. However, some others still cannot understand the
importance of the Hispanic market and the effect that the Hispanic community will have on the
future of most American business. Look around at advertising, and production for Hispanic
goods, and it’s easy to see it’s nearly untapped when comparison to its size of other markets.
According to the US Census Bureau, Hispanics constituted 15% of the nation’s total
population, and about one of every two people added to the U.S. Population between July 1,
2005, and July 1, 2006 was Hispanic. The Hispanic community is growing at a rate of 58%
compare to general population and by the year 2020 Hispanics are expected to account for
20 percent of all U.S. consumers.
Hispanics are becoming an important part in American Economy. Many people view
Hispanics as people that occupy farms or production facilities. However, in reality, most of
the Hispanic immigrants are business entrepreneurs, and according to the U.S. Census
Bureau between 1997 and 2002, the rate of growth among Hispanic Businesses was 31%
compared with 10%, the national average for all businesses.
Annually, Hispanics spend more than non-Hispanic white families on appliances, furniture,
groceries, housing, shoes, telephone services, restaurant meals, and more. The Hispanics
are proud of their culture and they are extremely loyal consumers! Loyalty is a big deal for
Hispanics, and a brand loyalty will reward manufactures offering products that appeal to their
needs. If you are a business that wants to achieve and sustain a growth, Latino Public
Relations can help you reach the Hispanic audience.
diverse; not only racially, but also culturally. Even though the majority of Hispanics come from
countries where the first language is Spanish, that doesn’t mean that their cultural identities
are the same. Hispanics from Central America have different cultural identities than the
Hispanic from South America and often take offense to a blind comparison.
Unfortunately, here in the United States, many people assume that all Hispanics are the
same, that they share the same social status, educational background, or religion. On the
contrary, Hispanics are a very complex community, a community that is becoming a
tremendous economic force and a new frontier for all the business that want to reach a market
with over 44.3 million people. The income level, and population increase is also faster among
Hispanics than any other minority group in the United States. Three compounding factors to
consider.
Because of these facts, and others, marketers, retailers and manufactures are reevaluating
their strategies to tap into this market and take advantage of it. The Hispanic buying power
has tripled to more than $740 billion in the last seven years and one third of all Hispanic
households earn more than $50,000 a year. However, some others still cannot understand the
importance of the Hispanic market and the effect that the Hispanic community will have on the
future of most American business. Look around at advertising, and production for Hispanic
goods, and it’s easy to see it’s nearly untapped when comparison to its size of other markets.
According to the US Census Bureau, Hispanics constituted 15% of the nation’s total
population, and about one of every two people added to the U.S. Population between July 1,
2005, and July 1, 2006 was Hispanic. The Hispanic community is growing at a rate of 58%
compare to general population and by the year 2020 Hispanics are expected to account for
20 percent of all U.S. consumers.
Hispanics are becoming an important part in American Economy. Many people view
Hispanics as people that occupy farms or production facilities. However, in reality, most of
the Hispanic immigrants are business entrepreneurs, and according to the U.S. Census
Bureau between 1997 and 2002, the rate of growth among Hispanic Businesses was 31%
compared with 10%, the national average for all businesses.
Annually, Hispanics spend more than non-Hispanic white families on appliances, furniture,
groceries, housing, shoes, telephone services, restaurant meals, and more. The Hispanics
are proud of their culture and they are extremely loyal consumers! Loyalty is a big deal for
Hispanics, and a brand loyalty will reward manufactures offering products that appeal to their
needs. If you are a business that wants to achieve and sustain a growth, Latino Public
Relations can help you reach the Hispanic audience.
