The Republican Party isn’t the only organization with a growing interest in the Hispanic market. Most companies have intensified their focus on this increasingly influential segment, ranging from early adopter brands to those now playing catch-up. The Advertising Research Foundation spotlighted this hot topic by hosting multiple Hispanic market panels at their Re:think conference this week in New York.
As Ramon Pineda, SVP and general manager at Univision said, “The U.S. Hispanic market is in our backyard and you don’t have to travel to sell it. There are no issues with tariffs, imports or other regulations” that one encounters overseas. He cited the following stats and trends:
1. Population growth: The U.S. Hispanic population has grown from 9.1 million in 1970 to 54.6 million now, increasing from less than 5% of the U.S. population to 17% in that timeframe.
2. More barometers now measure Hispanic influence: , Pineda said, “In order for the Hispanic market to be perceived as valuable we needed empirical data, otherwise it was as if we didn’t exist”. Hispanic spending power in the U.S. has increased from less than $500 billion in 2000 to $1.2 trillion in 2012.
3. Expansion beyond the usual cities: The biggest U.S. Hispanic markets are intuitive, namely Los Angeles, New York, Miami and parts of Texas and Arizona. Now other cities are also notable, including Seattle, Denver, Minneapolis, Raleigh and Detroit (the singer Rodriguez’s hometown). Suburbanization is also becoming more prevalent.
4. Not a homogenous market: Pineda cautioned that the U.S. Hispanic market isn’t one-dimensional. Latinos come from a variety of countries and income groups.