Hispanic consumers will play an integral part in the future of the nation’s economy according to the “State of the Hispanic Consumer: The Hispanic Market Imperative,” a study released on April 17 by Nielsen, a global marketing and advertising research company.
As the fastest growing population in the country, Hispanics had a projected buying power of $1 trillion in 2010 and it is expected to reach $1.5 trillion in 2015; that is a 50% increase. In San Antonio, Hispanic buying power accounted for $18 billion as of 2008 according to the Latino Business Review.
The study shows the Latino population of 52 million has become a driving force in all facets of American life having a major impact on the popular culture, politics and consumerism. The report also outlines how consumption trends differ in regards to other ethnic groups. While Hispanics tend to shop less frequent, they tend to spend more per trip, are brand loyal, and are more likely to purchase products at full price.
“This report highlights the importance of the Latino market and provides insights to help marketers succeed in the opportunities that lie ahead,” said Raúl P. Lomelí-Azoubel, Hispanic Chamber Chairman and member of Nielsen’s Hispanic/Latino Advisory Council. “While the report’s basic premise is that the present U.S. economy benefits from Hispanics, the future U.S. economy is likely to depend on the Hispanic market! As for Hispanics and the San Antonio market – the future is now and it is BRIGHT!”
It is important to note this report confirms it is imperative that businesses make even greater efforts to better understand and engage this growing consumer group.