By Chris Corales and Elizabeth Martinez, Hispanic Research Team, NM Incite – US
It is no secret that the Hispanic community is one of the most promising consumer segments for business growth. Marketers have eyed this segment for quite some time, but we pose the question: why does this group offer so much potential?
Currently, the average Hispanic household income is over $50K a year and as a whole, Hispanics control more disposable income than any other minority group. According to estimates from the Selig Center for Economic Growth, the purchasing power of the Hispanic community is expected to exceed $1.3 trillion by 2013. And the trend doesn’t stop there—last week’s Census figures revealed that Hispanics have surpassed growth projections and are growing at a rate of 43%. It is clear that the time to address the needs of the Hispanic consumer is now.
As Hispanics continue to increase their participation online, they present significant opportunities for marketers as they become potential brand advocates and become key influencers within their communities. According to research released by Yahoo! Telemundo and Experian Simmons Research, online Hispanics are early adopters and users of media, devices, and technology in comparison with the general public. Surely this has huge implications for social media, consumer engagement, and market research.