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Here's another way Latinos have power! Our buying power is $1 trillion dollars.
As you know, the U.S. Census reports Latinos grew by 43%, from 38 Million in 2000 to 50 Million in 2010. Non-Hispanic population only grew by 4.9%. But more than population numbers, there is significant financial growth represented by Latinos.
In the last 10 years, Hispanic buying power has grown by 347% reaching $1 Trillion in 2010.
This ranks the U.S. Hispanic market as the world’s 9th biggest economy – larger than Gross National Product (GNP) of Brazil, Spain or Mexico.
Also, Minorities make up nearly half the children born in the U.S., part of a historic trend in which minorities are expected to become the U.S. majority over the next 40 years.
For the first time in national history, the majority of young people in two states — California and New Mexico — now identify as Hispanic, according to census data released this year.
And their disposable income over-indexes in many categories where Latinos spend 3 to 6 times more than Non-Hispanics. For example, Latinas spend 3 times more in beauty and cosmetics per month, Latinos go 2 times more to the movies and are 80% more likely to see a movie in the opening weekend, and when it comes to everyday shopping, they spend $133 in groceries per week vs. $91 by the rest, that is 46% more. 46% more that you could be gaining in your share of revenues.
But advertisers aren't listening to us!
While it seems companies are paying attention, total Hispanic media spending is still a timid $5 billion. That is 1.2% of a total $365 billion U.S. advertising spend. 1.2% allocated to reach that 16% of the population.
This doesn't make sense.
Maybe 16% of the population doesn’t sound impressive enough, however what many fail to realize is that America’s top 5 states combined, which represent almost 30% of total U.S. population, are currently 29% Hispanic.
Also, America’s largest cities like New York, Los Angeles, Chicago and Houston are already more than 29% Hispanic. And the youth market is dominated by Latinos in key states like California. This makes it very difficult to win in the top markets without maximizing the Latino shopper opportunity.