Sheer Numbers
The Hispanic market is on the rise, gaining immense purchasing power in the United States. As of 2010, they control 1 trillion dollars in spending power. This is on the swift and steady rise from just $210 billion in 1990.
The Hispanic market is developing strong buying power because of their population growth. In 2010, the market grew by 39.8 percent. This is more than any other ethnic group in the United States. Most of the Hispanic population is young, either in school or starting work. These age groups account for a significant amount of the consumer market and are a reason for the group’s high purchasing power.
Brand loyalty, although not as high as it once was within the demographic, is still higher than the general population. This makes the group even more appealing to marketers because of their loyalty in purchasing habits. Studies have shown that Hispanics spend more of their disposable income on groceries, apparel, and telephone services while less on healthcare, entertainment, and education. This means that marketers should target Hispanics for the things they buy more of, and focus on gaining their loyalty to their brand.
Taking over the Purchasing Power
Employment has increased in the Hispanic market by 28 percent, which accounts for the increase in disposable income among the ethnic group. More Hispanics are working full time and entrepreneurship is on the rise. If these numbers continue to grow, the Hispanic market will be unstoppable in the coming years.
The power that Hispanics have on the consumer market is on the rise. Population growth, employment rates, and increased disposable income call contribute to powerful purchasing group. With the right marketing techniques, gaining power of this powerful market will serve as a beneficial marketing relationship.
http://www.census.gov/prod/cen2010/briefs/c2010br-01.pdf
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