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Latino Consumer Demand. During the next 20 years, the U.S. Latino population is expected to grow by 1.2 million annually. Population increases for non-Latino Whites are estimated at 500,000 annually. Yearly population growth for Blacks and Asians is estimated at 400,000 each.
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Latino Consumer Demand During the next 20 years, the U.S. Latino population is expected to grow by 1.2 million annually. Population increases for non-Latino Whites are estimated at 500,000 annually. Yearly population growth for Blacks and Asians is estimated at 400,000 each.
Latino Consumer Demand The purchasing power of U.S. Latino families was $686 billion in 2004, according to a report released by the Food Marketing Institute (FMI) in May 2005. This figure is expected to reach $1 trillion by 2010.
Latino Consumer Demand Over the nineteen-year period, 1990-2009, the nation’s Hispanic buying power will grow at a dynamic compound annual rate of 8.2 percent. (The comparable rate of growth for non-Hispanics is 4.9 percent.) In sheer dollar power, Hispanics’ economic clout will rise from $222 billion in 1990, to $504 billion in 2000, to $686 billion in 2004, and to $992 billion in 2009. The 2009 value will exceed the 1990 value by 347.1 percent—a percentage gain that is substantially greater than either the 148.5 percent increase in non-Hispanic buying power or the 158.8 percent increase in the buying power of all consumers. Source: Hispanic Trending Blog, http://juantornoe.blogs.com/hispanictrending/2004/10/hispanic_buying.html
Latino Consumer Demand There is tremendous diversity within the Latino community itself. Many people believe that since we all speak Spanish, we are all alike.
Latino Consumer Demand Raise the awareness of Americans that there is a huge population of professional Latinos who are US citizens and how can we make the most out of their contributions.
Latino Consumer Demand Organizations want to tap into this consumer base and they are realizing that the best way to effectively market and sell to Latinos is to have Latinos within the organization to help them better understand the market. That is why there is a high demand currently for Latinos with expertise in sales and marketing.
Latino Consumer Demand A second reason organizations are focusing more effort on Latino’s is that they are beginning to realize that their traditional recruiting methods don’t effectively reach the Latino talent pool.
Latino Consumer Demand Word-of-mouth and referral recruiting practices seem to be by far the most effective recruiting strategies within the Latino demographic. Organizations looking to tap into this community should truly work to understand the cultural aspects in order to increase their recruiting effectiveness.
Latino Consumer Demand Companies seem to value someone who is multi-cultural just as much as someone who is bi-lingual. Individuals who have a deep understanding of the Latino community, heritage and cultural bring tremendous value to an organization, almost more so then someone who simply can speak Spanish but doesn’t understand the Latino community.
Latino Consumer Demand Target Corporation in Minnea polis is a strong company with regards to Latino's. They do a great job of outreach to the community and are strong with working with top Latino talent once they are on board.
Latino Consumer Demand Latinos tend to be very brand loyal….will leverage brands to help signify their prestige and place in society. Organizations that do an effective job of creating a brand within the Latino community will reap many benefits. Not only from increased purchases from the Latino community, but they will also be better situated to recruit Latinos because of the familiarity with their brand.
Latino Consumer Demand Multicultural marketing firms are doing very well currently. They are selling their services to corporations who wish to do a better job of marketing their products & services to Latinos.
Latino Consumer Demand Latino-owned businesses are growing at a very high rate. According to one recent study by the Bureau of Labor Statistics, Hispanic-owned businesses grew 30 percent from 1999 to 2004 … versus a growth rate of only 7 percent for all U.S. businesses.
Latino Consumer Demand The U.S. ethnic foods market is estimated at $75 billion in annual sales. It is the equivalent of $1 out of every $7 being spent on groceries.
Latino Consumer Demand Hispanic food come a long way from bean burritos and Spanish rice. Latin is the fastest-growing ethnic food category in the U.S., splitting in the last 15 years like a well-chosen growth stock into more than 30 sub-sectors of foodservice cuisine, with more brands, new product introductions and restaurant concepts.
Latino Consumer Demand Latino Households tend to spend more each week, $133 on groceries, compared to other shoppers, $92.50 per week. Grocery shopping is viewed as a family affair for Latinos and usually not done alone. They prefer shopping on weekends, with 58 percent shopping on either Saturday or Sunday.
Latino Consumer Demand Hispanic shoppers were interested in supermarkets that offered: 1.) a variety of fresh produce, meats and breads; 2.)Latino products; 3.)Bilingual store signs and packages; 4.) Bilingual employees that are knowledgeable about Hispanic products; and 5.) Advertisements in Latino and Spanish-language media
Latino Consumer Demand U.S. consumers of Mexican descent eat the largest amount of dry beans, about 34 pounds per capita, compared to non-Latino whites (6 pounds per capita).
Latino Consumer Demand "You would think that San Antonio would be very Hispanic, but it's very acculturated," says Lorena Cavazos, a senior associate for the advertising agency Bromley Communications, one of the largest Hispanic ad agencies in the U.S. "I guess, in San Antonio, you don't have very many first generations. You have a lot of second and third generations, which accounts for the acculturation.“
Review Questions 1.) Why are certain regions of the US different with respect to the ethnicity of the Latino population? 2.) Are Latino professional well understood with respect to their purchasing behavior? Why, why not? 3.) What appears to be the best way to recruit Latinos? 4.) Why is being bi-lingual nor enough with respect to marketing products & services to Latinos? 5.) What are the elements that attract Latino shoppers to supermarkets? 6.) Do you have to be assimilated before you can be acculturated? Why, why not?
