Hispanic Market Still Growing
The American public seems to have collectively taken notice
of this sleeping giant, including the amazing statistics that
have recently been published. We have all grown familiar
with the data that bombards us on a daily basis, such as the
nearly $700 billion in buying power, the current 15% of the
total U.S. population (nearly 40 million U.S. Hispanics) and
the fact that Hispanics will make up one quarter of the total
population by the year 2050, according to Synnovate.
The Santiago Solutions Group predicts that Hispanic purchasing
power is expected to reach $1.2 trillion by 2010.
Although it may be daunting for an already successful company
to make an investment in separate staff, research and a
knowledgeable professional services firm are steps vital to ensuring
the company realizes its full potential tapping into the
enormous market of the future. Don’t forget: this market will
be the “Next Big Thing” for quite some time just as it has been
The work starts with understanding and stating the
company’s commitment to this market.
- What level of management is involved in
studying and addressing the opportunities?
- What is the issue, mission or cause the
company wants to embrace to demonstrate
- How do you integrate this into your marketing
and communications strategies and
how do you reach your audiences at the
grass roots level?
Reaching the Hispanic market, in Spanish, English or
Spanglish, requires thinking and actions from these
various organizational and management levels. And
the market is too large, too powerful and too ubiquitous
to be ignored at any level.