A Common Goal Of Hispanic Consumer

855 WordsFeb 23, 20164 Pages
A common goal between most U.S. companies is simple: attract the Hispanic consumer. In 2012, a Nielson Report declared Hispanics to be the fastest growing ethnic segment, with expectations to grow 167 percent from 2010 to 2050. It’s been recorded that Hispanics are currently the largest minority in the country, with the Hispanic market growing 60% in the last decade. Though the Hispanic market is considered a large homogenous market by many, it is actually made up of diverse ethnic and racial groups with distinct socio-demographic characteristics. What is the Hispanic Population? Juan Solana, chief economist of HispanTelligence, has stated that the average spending power of the overall U.S. population has grown 2.8 percent over the past decade, while Hispanic spending power has risen nearly 7.5 percent. How do Hispanics Spend? Hispanics are not only growing as a market segment, but they are growing within their culture as well. Young Hispanics are tech savvy, motivated and willing to spend their money. The current Hispanic buying power is estimated at $600 billion dollars a year, with a majority of that money going towards fashion, home goods, food, and transportation. Research indicates that Hispanics are primarily brand loyal; with these characteristics combined, Hispanics become an ideal target. According to the Neilson Report, the Hispanic buying power was positioned at $1.5 trillion in 2015, a 50 percent increase from 2010. Eva Gonzales, Executive Director of Diverse
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