The combined buying power for U.S. Hispanics will reach $1.5 Trillion this year, reports Advertising Age (based on info from Nielsen). This buying power is an increase of 50% since 2010. Yes, a 50% increase in five years.
As you can imagine, this is making quite a few companies finally sit up and take notice of the Hispanic market. For some, this is a new thing, for others it’s just an increase on existing efforts.
I’ve never understood why it comes as a surprise to companies that the Hispanic market is the place where they can find growth. In population alone, this segment has been making history (and not just in the traditional “Hispanic” locations within the U.S.). With the growth in buying power, things will continue to shift. It should be interesting to see who ends up doing a good job of it.
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- SOURCE: Retailers Duke It Out for Hispanic Shoppers’ Dollars | Advertising Age