Association of Hispanic Advertising Agencies says But 57% of Top 500 Advertisers Allocate Less Than 1% to Target Latinos Marketers who spend heavily on Hispanic media are seeing their revenue grow faster than those that don't, according to a new analysis by the Association of Hispanic Advertising Agencies. For advertisers who allocated 14.2%--the percentage of adults who are Hispanic in the U.S.—or more of their ad budgets to Hispanic marketing, that Hispanic allocation explains about half of the variance in their revenue growth over the last five years, the study found (www.ahaa.org).
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"A market of 50 million people is hard to ignore," said Patricio Navia, a political science professor at New York University. "It makes a lot of sense for businesses to design strategies to gain entry to this market. At the same time, the increase in Latinos has a cost. The Latino population tends to have lower education levels than whites, and their average income tends to be lower."
General Mills has increased its advertising budget for Spanish-language ads by 300 percent. Several other large companies are making similar moves. According to TNS Marketing, the ads are producing triple-digit sales gains. Though Hispanics have seen higher unemployment rates in this economy, those who still have jobs are able to spend a higher proportion of their income. They are less likely to have credit-card debt or huge mortgages.
Hispanics have become such important consumers that it's significant that a majority of Spanish-dominant adults -- and a significant number of English-dominant ones -- like Spanish labeling on products and feel more loyalty to companies that respect their culture by advertising in Spanish, according to Experian Simmons. And 57% of Spanish-dominant respondents and 29% of English-dominant Hispanics agreed with the statement, "When I hear a company advertise in Spanish, it makes me feel like they respect my heritage and want my business."
President Obama will court Hispanic voters during a roundtable meeting Wednesday, with plans to discuss his administration's record on immigration, health care and the economy. Yahoo! Editor-in-Chief for U.S. Hispanic and Latin America Jose Siade will moderate the discussion, called "Open for Questions With President Obama," which will be broadcast at Yahoo! and on the White House website.
Expect more Spanish on your tube of Crest toothpaste. Procter & Gamble Co., looking for ways to boost its sluggish U.S. business, is accelerating its efforts to win over Hispanic shoppers. Using insights turned out by its army of researchers, P&G is tweaking products, re-targeting its marketing, changing its mix of celebrity spokeswomen and making greater use of Spanish on its products. The motivation is simple: Hispanics accounted for more than half of the gains in the U.S. population from 2000 to 2010, according to the U.S. Census Bureau, and their younger, bigger families are a good fit for the maker of Pampers diapers and Tide detergent.
Despite recession, Hispanic and Asian buying power expected to surge in U.S., according to annual UGA Selig Center Multicultural Economy study Release Date: Thursday, November 4, 2010 Athens, Ga. — Although the Great Recession has hit Hispanics and Asians particularly hard, their buying power is expected to grow rapidly over the next several years, according to the annual minority buying power report released today by the Selig Center for Economic Growth at the University of Georgia Terry College of Business.
The biggest mistake a company can make is to view the U.S. Hispanic market as homogeneous. Acculturation levels, language preferences and country of origin make for unique sub-groups within the segment. The Hispanic market's current size is 50 million strong in the U.S. as of 2010 Census.
Florida’s Hispanic/Latino Market The demographics of Florida is undergoing a dynamic change! The Hispanic Population is growing 6 times faster than... View Article
Hispanics will become a major force in U.S. consumer-spending growth over the next decade and beyond. The slowing growth and aging population that characterizes other segments of consumers means that younger and larger Hispanic families will be more vital to future growth in consumer spending than at any time in the past.