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Hispanic Market Flexes Its Muscles
Standard & Poors study sees Hispanic buying power exceeding $1 trillion by 2010
By HECTOR BERRIOS FIGUEROA
September 6, 2001
A recent Standard & Poors study reported that the Hispanic market in the U.S. had an estimated buying power of $443.8 billion in 2000.
Another Standard & Poors study including projections also revealed that Hispanic buying power is expected to increase to $672 billion by 2005, and surpass the $1 trillion mark by 2010.
"According to the 2000 Census, the Hispanic population in the U.S. grew 60% in the last 10 years. That demonstrates how the growth of Hispanics has resulted in a very strong market," said Jackie Bird, president and CEO of advertising agency WING Latino Group.
Bird was the guest speaker at the seminar "Advertising: targeting the Hispanic market," sponsored by the San Juan chapter of the National Society of Hispanic MBAs (NSHMBA).
"The growth of the Hispanic market represents a great opportunity for the advertising industry, and opens the doors to more possibilities within our business in terms of new business [accounts and clients] and creativity," said Bird. "The Hispanic market is a heterogeneous market due to the multiple nationalities it gathers, which should not be taken for granted when developing advertising initiatives. There are people within the market with different backgrounds and preferences and it is crucial to target them all."
To achieve this, both advertisers and ad agencies need to prepare campaigns that can be effectively adjusted to target every preference and every need. That requires a greater investment from advertisers, "but it also means a greater return on investment," according to Bird.
Bird emphasized that the key to success in targeting such a heterogeneous market is to get to know its consumers and produce advertising campaigns that they relate to and identify with.
This Caribbean Business article appears courtesy of Casiano Communications.