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The Power of the Hispanic Dollar

13 August 2012

Hispanics have quietly become the new “Super Spender”. There has been an increase in the cultural influence of the Hispanic community. Shopping centers and grocery stores are being built, targeting Hispanics. For many Hispanics, their culture and heritage is a major influence. They don’t shy away from tradition, instead they embrace it. They are looking, searching, seeking for the same ingredients Abuela used to prepare meals or for the beautiful lace dresses for their daughters. Marketers need to pay attention and do what it takes to earn the Hispanic dollar. According to the U.S. census surveys, the Hispanic community spent $490 billion in 2000. It has now surged to $1.1 trillion and expected to grow up to 48 percent by 2015.

Over the past decade we have seen more Hispanics on television and headlining television shows. Modern Family, Wizards of Waverly Place and George Lopezare all successful sitcoms on major networks (ABC, Disney, ABC respectively). Other networks are also looking for ways to connect to this growing demographic.

Goya Foods is the largest Hispanic-owned food company in the United States. In 2011, the company was recognized for over 75 years of success and commitment to the America Dream, by President Barak Obama. The company is also joining forces with First Lady Michelle Obama on her “Let’s Move!” initiative . They are committing resources to promote the USDA’s MyPlate or MiPlato, to remind families about making healthy meal choices. Goya has found a way to infuse Latino diversity in the general marketplace.
The market is increasing for Hispanics and so is their buying power. Just look, the mayor of Los Angeles, California, Antonio Villaraigosa,
the country’s second highest ranking city (by population and rank) is Latino. Hispanics are leaving their footprint in America and are waiting for marketers to catch up.