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The New Hispanic Market Economy |
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Hispanic Business Magazine - Yankelovich Inc., a leading marketing research and consulting firm, emphasizes in its predictions for 2006 that
the Hispanic market is "a main driving force" and "catalyst for growth" in the American economy, destined to receive heightened attention from marketers this year and beyond.
Prediction: Greater outreach by marketers from a broader array of industries will be seen due to more affluence and higher rates of entrepreneurship.
* 91% of Hispanic women, versus 83% non-Hispanic white women, agree 'women have as much financial responsibility to support a family as men do. * A 2005 Multicultural Marketing Study also indicates that 68 percent of Hispanic women, versus 34 percent of non-Hispanic white women, say they really would like to start their own business. * 18% of Hispanic women, versus only 1 percent of Non-Hispanic White women, are actually saving to start a business.
*** Marketers venturing into the Hispanic marketplace initially want to reach out to the more educated/more affluent Hispanics because it is easier to do so. Often, they want to make an immediate impact on their brand's bottom line, and budgets are a factor when addressing the marketing complexities of dual-lanugage strategies and tactics.
However, as we work with both the new and seasoned marketers who are either just developing and/or enhancing their Hispanic marketing outreach, we do see a growing number of industries – led by the financial services sector – developing dual Hispanic marketing outreach strategies. These include both the education platform necessary to reach "Hispanic Dominant" consumers and the newer Hispanic immigrants; and targeted efforts aimed at the more acculturated and affluent Hispanics.
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