The results of the 2010 U.S. Census will not be tallied for some time but demographers believe the numbers will show that Hispanic consumers comprise 50 million strong or nearly 17% of the total population. With numbers like that, marketers might be expected to specifically target these consumers who hold the purse strings to over $1 trillion in spending power.
Orci, a Los Angeles-based Hispanic advertising agency, finds that about half of marketers fail to specifically market to this demographic group. The findings come despite the fact that the majority of surveyed marketers believe Hispanics will impact purchasing trends in the following areas:
- American taste in foods: 89%
- Fashion and beauty: 87%
- Entertainment: 82%
- Technology and communications: 78%
Hector Orcí, co-founder and chairman of the agency, contends that companies who have made the effort to market directly to Hispanics have earned huge increases to their bottom line. And there’s one particular segment where Orcí expects to see big changes: social media. At least 8 out of 10 young Hispanics participate in social networking.
Marketers who reach out to this demographic via Facebook and Twitter may be the ones who reap the biggest reward as Hispanics expand their spending power.[Source: New Survey Finds American Advertisers Acknowledge Hispanics’ Impact on U.S. Culture but Half Don’t Market to Nation’s Largest Minority. Orci. 4 Mar. 2010. Web. 1 Apr. 2010]