Ad Age’s latest report on US Hispanics, “2010 Hispanic America”, re-emphasizes how important is for marketers to talk to this market (and how to in-language and in-culture) because of its size, growth, youth, buying power and consumer spending.
More interesting to me is the analogy made with the 1950s Americans, the Baby Boomers. Hispanics are considered “the new upholders of traditional American values” and “the sweet spot of the market for consumer goods and services that the entire nation used to be when Baby Boomers were young”. By 2015 Baby Boomers will begin retiring and Hispanics will be stronger than ever.
Other interesting insights:
- Most Hispanic hhlds are approaching their peak earning years while most non-Hispanic hhlds have past it. They also spend significantly more both in real dollars and in relation to their income.
- Despite Hispanic teens becoming young adults (and therefore their consumer behaviors moving closer to that of non-Hispanics), the large size of this segment suggests Hispanic culture is here to stay.
- Hispanics are not only growing as a group. Every age group does.
As much of this market is driven by immigration, their entrepreneurial instincts are very strong. Hispanics own more than twice as many firms as African Americans with 3x as much revenue.
The report is available for purchase and is available here.