Are you missing The Trillion Dollar Hispanic Market?

The Trillion Dollar Hispanic Market

by Jack Loechner

According to a new Hispanic marketing trends survey, commissioned by the Hispanic advertising agency Orcí, the 2010 U.S. Census is expected to find that Hispanics number more than 50 million in the United States and command one trillion dollars in buying power.

Yet half of U.S. advertisers, according to the report, do not include Hispanics in their marketing efforts. This despite the fact that the great majority of respondents agreed that Latinos impact U.S. companies' product and service offerings, particularly in food tastes, fashion and technology.

Hector Orcí, co-founder and chairman of the agency, says "... for the last 30 years, a minority of companies that have been smart enough to take advantage of engaging Hispanic consumers have seen their efforts make a difference to their bottomline... "

The survey also found that more than three quarters of respondents do not use social media to engage Latinos despite the fact that Hispanics are the heaviest users of wireless access through mobile phones and laptops than any other ethnic group. "Hispanics are tech savvy trend setters with incredible spending power..." Orcí said.

And, according to a recent study by The Nielsen Company released almost simultaneously with the Orci study, America's demographic profile is undergoing major changes.

The report says that by 2050, more than half of the U.S. population will be non-white (African-American, Asian, and Hispanic). This dynamic growth represents not only significant cultural shifts, but also one of the more remarkable marketing opportunities in history. By that 2050 milestone, the economic opportunity for brands marketed as multicultural is projected to exceed $500B.

So if you are a business looking to expand, make sure you are not missing the trillion dollar Hispanic market!