Hispanics are still the fastest growing population in the U.S., and their numbers are predicted to soar another 167 percent by 2050. This growth has impacted several key demographic characteristics that are shaping the Latino consumer segment as an economic powerhouse, including higher education attainment, increased workforce presence, higher earnings, and surging buying power currently in the neighborhood of $1.2 trillion. At 52 million strong and growing, Hispanics are also the largest minority group on U.S. college campuses at 16.5 percent, and the number of Latinos with a bachelor’s degree or higher has nearly doubled in the last 10 years. More education means more jobs and higher salaries.
In “El Capo 2,” one of the first original shows on new U.S. Spanish-language network MundoFox, a Colombian drug kingpin fights off challenges from all sides, the U.S. authorities, rival cartels in Mexico and the victims of his violence. The show, from its origins and target audience to its plot, is emblematic of the escalating battle over Hispanic television viewers in the United States. In the world of U.S. Spanish-language television, Univision stands at the top with a majority of the audience while Telemundo nips at its heels. Other networks such as Azteca America and MundoFox are trying to carve out their own piece of the market, one that shows great potential for growth and increased interest from advertisers.
Credit unions from the West Coast to the South and the Midwest are waking up to the fact that reaching out to potential Hispanic members is an important part insuring a growth for the industry. According to U.S. Census Bureau estimates, there are roughly 52.0 million Hispanics living in the United States, representing approximately 16.7% of the total population, making people of Hispanic origin the nation’s largest ethnic or race minority. The U.S. Hispanic population is estimated to reach 132.8 million by 2050.
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.
Before, during and after the recent 2012 elections, pundits and strategists were stating how important and influential the Latino vote would be in determining the presidential and other state elections. They were right. Now, not only are Latinos, Hispanics and Spanish speakers a powerful economic force in the U.S., they are also a potent political force. The message is clear; "Pay attention to we Latinos". Below Pili Tobar of www.americasvoiceonline.org writes a very good data synopsis of the recent election and how Latinos played a pivotal role. As we know the economic and political voice of this community has and continues to increase dramatically. Pay attention to these trends if you want to see the economic benefits of engaging this community.
It may be a surprise to some, but U.S. Latinos accounted for 11%, or $2.2 billion, of total e-commerce purchases made across the United States in the first quarter of 2012. Most important for the ad industry, much more than non-Hispanics, they are leveraging digital platforms and connected devices to influence their shopping behavior.
Did you know that1 in 3 Hispanics are likely to take action after viewing an online banner ad. And Hispanics are approximately twice as receptive to online ads as non-Hispanic audiences. Also, Spanish-speaking Hispanics embrace online video and are fueling the growth of online video. There are 50.5 million Hispanics in the United States comprising 16.3% of the country’s total population. Over the past decade, the population of U.S. Hispanics has grown 43%, and attributed to 56% of the nation’s growth.
The growth of the Hispanic population is far and away the most significant demographic trend reshaping America, as the most recent census, conducted in 2010, made clear. There are now 52 million Americans of Latin-American descent. By 2050 that number is projected to reach 133 million, meaning that nearly one in three Americans will be Hispanic. A full 50% of U.S. population growth over the past decade has come from this group, whose annual spending power is already $1 trillion and will climb to $1.5 trillion by 2015, according to Nielsen Media Research. If Hispanic Americans were a nation, it would have the world’s ninth-largest economy. “The Hispanic market is no longer being viewed as a niche, minority market for a lot of companies,” says Alex Ruelas, cofounder of the Austin-based marketing agency LatinWorks. “It’s becoming a fairly major part of the mainstream, and it’s helping to reshape the overall universe of consumers in a way that’s a bit surprising to people.”
Amazon launched “eBooks Kindle en Español,” which carries 30,000 e-books in Spanish — including an exclusive title by Paulo Coelho. The company also offers Spanish-language customer support. Amazon says that eBooks Kindle en Español offers “the most Spanish-language bestsellers, as measured by Nielsen.” That includes “all of the Spanish-language Nielsen best sellers available as e-books in the United States, and 65 of the top-100 Spanish-language print best sellers from Amazon.com.” Bestselling Brazilian author Paulo Coelho is offering a $1.99 nonfiction title, El Libro de los Manuales
Credit unions and other financial institutions would gain new members and customers if they adapted to the needs of the growing Hispanic market, the group “least served” by the financial sector, an expert in the subject said. “The credit unions must understand that the face of the U.S. consumer is changing and that for there to be growth, (they) must adapt to new consumers, instead of forcing those consumers to adapt to (them),” Miriam De Dios, vice president of Coopera Consulting, in Des Moines, Iowa, told Efe.