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.
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. 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.
According to the Center for Hispanic Leadership, there is a debate amongst advertisers about how to best reach the younger-skewing Hispanic consumer. Advertisers must look well-beyond the Spanish-language demographic and wake-up to the fact that second and third generation English-speaking U.S. Hispanics – who represent 68% of partially acculturated Hispanics (dual cultural affinity) – is where the growing value of Hispanic purchasing power lies. It therefore should come as no surprise that Univision/ABC will be launching a 24/7 cable news network in 2013 that specifically targets English-speaking U.S. Hispanics.
The marketing agency Lapiz, a division of Leo Burnett, recently released a new consumer research study called LatinoShop. Per the study’s findings, Latinos view shopping not so much as a chore; instead it’s “a multisource, multisensorial and multigenerational experience that provides retailers and marketers with a wide range of opportunities to engage.” They go on to say: “The study is part of a landmark global research initiative, PeopleShop, focused on illuminating cultural, geographical and economical influences that impact how and why people shop around the world.”
Posted on January 21, 2013, in Article and tagged http://www.forbes.com/sites/glennllopis/2013/01/09/advertisers-must-pay-attention-to-hispanic-consumers-as-rising-trendsetters-in-2013/?ss=strategies-solutions. Bookmark the permalink. Leave a comment.