Hispanic Market
What’s all the excitement about?
• Hispanic population is growing at a faster rate than any other segment of the population.
• Misconception that growth is based on increased migration but most is due to birth rates and aging Anglo population with flat growth.
• With population shifts there are also corresponding economic shifts.
Hispanic Purchasing Power
• Since 1990, Hispanic purchasing power has been growing at a compound annual rate of 8.8% compared with 4.9% for non-Hispanics.
• By 2008, Hispanic purchasing power is expected to reach$1,014.2 billion.
• This 2008 figure represent growth of 357%
• In 2005, Hispanic buying power ($778 b.) will exceed that of African Americans ($773 b).
The Hispanic Dollar
Where Hispanics Spend More……
1. groceries
2. telephone services
3. furniture
4. small appliances
5. children’s clothing
6. footwear
Projected Percent of Net Change Attributable to Each Race/Ethnicity Group in Texas for 2000-2040*
Hispanic 78.2%
Black 5.3%
Anglo 3.9%
Other 12.6%
What’s happening in Texas
• Hispanicpopulationsre-shiftingthetopgrowth markets everywhere across the state but North Texas
• Hispanic purchasing power in Texas is $113 billion.
• Texas a long with top four Hispanic markets(CA, FL, NY, IL) account for 68.5 of the total Hispanic market and 81.1% of total Hispanic purchasing power.
• Texaswith19% Hispanic buying power is #2 among top ten states, New Mexico has a 30% rate of growth.
Population Change by Race/Ethnicity in Texas From 2000 to 2002
Other Hispanic Black Anglo
12.2%
8.9% 3.7%
3.5%
7.5%
33.3%
51.7%
1.5%
Percent Of Population
Percent Of Change
North Texas – COG Population Change 1990-2002
TARRANT
23.6% (+5.6%)
Ft. Worth- Arlington MSA
25.1% (+5.9%)
BLUE % 1990-2000
BLACK % 2000-2002
TARRANT
DALLAS
DALLAS
19.8% (+2.9%)
DALLAS MSA
31.5% (+6.4%)
What’s At Stake for Business?
• Business services or products not relevant to Hispanic consumers.
• Unable to communicate with consumer segment.
• Your company’s brand or product not positioned positively to capture consumer interest.
• Stiff competitive environment requires being first and being relevance to Hispanics
Real Challenge
• A great number of Fortune 100 and 500 companies still underspend in the Hispanic segment.
• Companies are hesitant to jump-in to the Hispanic market.
• Faux pas are frequent and pose a risk. • Expertise is difficult to find or assess • Results are not immediate
Who Gets It.
• Visionary – Seek Data
• Expert
• Knows the market/product
• Connects with the customer
• Offers value – consistently
• Valued Partner
•Vested in the community
Pitfalls To Avoid
1. Getexpertise-contact Chambers for marketing communications experts
2. Know your product-prepare for name changes or different product attributes
3. Take a team approach at your company
4. Test new ideas with formal or in formal focus groups
5. Listen to customers-many offer valuable insights
6. Be willing to adapt your messages
7. Consider developing message relevant branding for company and product
8. Use existing internal and external audiences
9. Give discounts or value-added benefits to try your new packaging
10.Know your local Hispanic community leaders and influencers
¡Gracias! – Thank You
Download this presentation at the site below:
Tovarpr.com (817)467-5759 dora@tovarpr.com
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