Do you know that the Hispanic market out spends other demographics by ?
Companies are already taking advantage of the opportunities the increasing Hispanic population presents, and are specifically targeting Hispanics because of increased purchasing power. From 1990 through 2013, the purchasing power of Hispanics is expected to increase by over 550%, compared to only about 230% for the rest of the US population. By 2015, this purchasing power of Hispanics in the US will amount to approximately $1.5 trillion USD.
Do you desire to capture the attention of the fastest growing demographic in America?
Have you tapped into the growing Hispanic population with a buying power of ?
Did you know….?
The statistics back this up. Research from Hispanic Telligence, a market research firm in Santa Barbara, Calif., reports that the purchasing power of the Hispanic market has grown more than 30 percent since 2001, reaching $768 billion in 2005. It is expected to surpass $1 trillion a mere three years from now. In terms of sheer numbers, Hispanics account for nearly 14 percent of the total U.S. population, and their growth is outpacing that of two other major ethnic groups: African-American and Asian.
However, advertising to reach Hispanics has not kept pace. For the past five years, Hispanic ad spending has remained in Florida, at 2.3 percent of total U.S. ad expenditures, according to Hispan Telligence. This suggests that significant opportunities exist for companies to capture a greater share of this burgeoning market. Indeed, if advertising dollars are viewed purely as a percentage of purchasing power, then companies would have to shell out four times what they currently allocate for the Hispanic market, just to match what they spend overall on advertising at a national level.