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Glenn Llopis Contributor
Advertisers Must Pay Attention to Hispanic Consumers as Rising Trendsetters in 2013
U.S. Hispanics are not valued enough by America’s corporations, government and mainstream media. In particular, brand marketers do not take Hispanic consumers seriously enough, especially their buying power or trend setting influence. Although the proportion of U.S. Hispanics is scaling upwards rapidly, corporations and advertisers continue to underestimate the importance of Hispanics as an economic and business development engine.
To see an example of the economic impact Latinos can have, one need look no further than their local grocery store aisle, where tortillas, taco kits and salsa outperform hamburgers, hot dog buns and ketchup sales, according to Reportlinker.com’s new market research report, Hispanic Foods and Beverages in the U.S.
But this is just the tip of the iceberg. According to a recent blog in AdAge by Tony D’Andrea: “In the wake of Barack Obama‘s re-election by a wide multicultural coalition, evidence is growing that Latino influence on mainstream society is growing far beyond the consumption of tacos and salsa music. This has important consequences for marketing by multicultural and general-market professionals alike.”
Unfortunately, many of America’s corporations cling to preconceived stereotypes instead of becoming informed about Hispanic culture and how it shapes the identity of Hispanic consumers and their community at-large. This disconnection with U.S. Hispanics makes it difficult for companies to authentically engage with, build trust, and begin to value Hispanics in America as a viable, business model worthy consumer – one that currently represents 16.7% of the United States population with a purchasing power estimated to reach $1.5 trillion by 2015. Furthermore, with a median age of 28 years old, the Latino consumer is nearly 10 years younger than the total market age of 37 years, according to Nielsen. Most importantly, according to the 2010 U.S. Census, by 2015, 1 in 3 newborns will be Latino. Just think of the purchasing power Hispanics will have by 2050, when their percentage of the U.S. population will have nearly doubled to 30%!
Though these numbers speak for themselves, corporations and advertisers have been slow to make the proper investments in a consumer group whose loyalty takes time to earn. To do so, a brand’s approach to Hispanic marketing must be culturally relevant and empower the voices of Hispanic consumers at all times.