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Latino consumer
The Arizona Republic In 2030, Latinos will hold a much more powerful place in the U.S. economy, according to a new report on Hispanic consumer and marketing trends.
• The Hispanic population, which now stands at about 40 million, or 13.7 percent of the U.S. total, will grow to 110 million, or 20.1 percent.
• Hispanics' purchasing power, estimated at $686.3 billion, or 8 percent, of all spending in 2004, will grow to 18.5 percent and exceed $3 trillion.
• Hispanics, who currently constitute 5.3 percent of the nation's eligible voters, will constitute 10.7 percent of the nation's eligible voters.
• Hispanics will grow from 13 percent of the labor force to 19.9 percent.
"It speaks to their significance in the economy," said Loui Olivas, assistant vice president for academic affairs at Arizona State University, who compiled the 2004 Datos report for the Arizona Hispanic Chamber of Commerce. "Your challenge is to try to capture this market."
He presented the research at a breakfast meeting at the Arizona Biltmore Resort & Spa on Tuesday to about 560 people.
The growth is increasingly noticed by companies, he said, as more are spending on Hispanic media and using Hispanic celebrities to pitch products.
"The statistics convinces them to take this Latino marketing seriously," said Manny Molina, former president of Clear Channel Outdoor Media, who started a Hispanic advertising and public-relations company this year.
Among national campaigns:
Latin singer/actress Thalia Sodi, wearing a Hershey's logo T-shirt that says llevame contigo (take me with you), is part of a print campaign targeting young Hispanics. The company also launched La Dulceria Thalia, a line of candy based on the popularity of chile-flavored hard candy.
Kmart carries Sodi's clothing line; Kohl's Corp. markets a clothing line by model/TV personality Daisy Fuentes.
Wells Fargo in Phoenix recently launched Las Avenidas at five of its branches in predominantly Hispanic communities.
The initiative's focus is to provide better service with bilingual employees and bicultural marketing.
"I think companies are finally understanding how important it is to market to Hispanic consumers, the Latina in particular," Molina said.
Harry Garewal, president and chief executive officer of the chamber, said he is increasingly approached by companies seeking bilingual employees, a key reason the chamber launched a job Web site.
The breakfast's keynote speaker, Neil Comber, a Hispanic-marketing consultant in Ohio and former advertising executive with Procter & Gamble, discussed connecting with Hispanic consumers.
Key to loyalty is creating a relevant and emotional connection to the product.
An example would be a car dealership's providing a place for children to play while Mom and Dad check out cars.
"It's connecting in a way, (saying) 'I appreciate your family,' " Comber said.
Hispanic Market October 13, 2004 10:10 AM | 1-855-ABOGADA | Abogadas de Inmigracion
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