Marketing to Hispanics in a Down Economy 1
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By Angie Scheribel
The best opportunity for increasing return on your advertising investment right now is the Hispanic market.
If Hispanics are not on your marketing radar, the chances are you’re a few steps behind your competition. The U.S. Hispanic population is growing at a rapid rate and their buying power is growing with them.
According to Hispanic Market Weekly (March 2, 2009), Hispanic purchasing power has reached $980 Billion and is expected to climb to $1.3 Trillion by 2013. They are the fastest growing group in the U.S. accounting for 50% of this decade’s US population growth. With a population of 46 Million today Hispanics are expected to be a full 20% of the U.S. population by 2020. The community’s purchasing power represents the ninth largest economy in the world- larger than the GNP of Spain, Mexico, or Brazil, according to the Hispanic Association on Corporate Responsibility
More and more advertisers have been seeing the need to reach this growing segment of the population. From 2000-2004, Hispanic directed budgets from the top 50 advertisers grew 87% (from $658 Million to $1.23 Billion). Major advertisers such as Proctor & Gamble and McDonalds have continued to increase their spend in the Hispanic market, and have seen continued returns for their investment. Hispanics are generally known as being very brand loyal, and see companies like McDonalds as being invested in the Hispanic market for the long haul because of their advertising efforts. Enormous numbers of household and personal products find Hispanics a 30 to 50% better prospect to make a sale.
- Marketing to Hispanics in a Down Economy
1 Reply to "Marketing to Hispanics in a Down Economy"
Lauri Jordana on April 20, 2009 at 1:59 PM
Hi, Angie - thanks for posting this info which is RIGHT ON! I am always amazed when advertisers think they can only afford to reach the general market when actually some of those funds could be more effectively spent in Hispanic media, reaching the fastest-growing population nationally.
I do want to put in my two cents here that advertisers need to understand that it takes more than "targeting" Hispanics - they need to ensure that the customer experience will live up to that initial appeal, through Spanish-language sales/customer service/contracts and other initiatives that support the Spanish speaker throughout the customer lifecycle. Earn their business!
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