Idea Hall Blog Hispanic Market Growing in Numbers and Influence
11/18/09This Hispanic market is growing in size, influence and wealth. And with 2010 census data expected to show a population increase of approximately 12 million, marketing to Hispanics represents a substantial opportunity for companies to increase market share.
What makes the Hispanic market so influential? The population’s sheer size and growth is an obvious reason, however, Hispanics are also a young and vibrant group of consumers with an average age of 28. They have an active influence on music, fashion, food, media, business and politics and enrich mainstream culture throughout the U.S.
One key driver of this group’s growing influence is attributed to the number of second-generation Hispanics, with 88 percent of Hispanic children born in the U.S.
At the heart of this fast-growing population is a community oriented group of brand loyal consumers with increasing discretionary income. And the spending power of Hispanics may even be greater than expected when new census data arrives.
Marketing to Hispanics requires an in-depth understanding of the cultural subtleties that define their purchasing patterns. Idea Hall has released the Hispanic Market Resource Guide as a reference for companies looking to reach this market. We put these findings into practice as we partnered with a national consumer products company to create a new brand targeting the Hispanic market.
Look at some of the trends and statistics pertaining to this fast-growing consumer segment to better understand how some of the world’s largest brands have engaged the Hispanic market.
With more compelling data on the way, we look forward to furthering this conversation and invite you to learn more about this important “majority minority” in the U.S.
