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November 7, 2012
Hispanic marketing (and market research) has finally come of age. Here is why and what to look for next.
By Carlos E. Garcia
As a Latino who has worked in Hispanic consumer research for over thirty years, it is gratifying that this field of inquiry is finally being taken seriously.
So what was the tipping point? Professionals in the area thought it might be the 2000 Census, the attention paid to the Hispanic market during the last World Cup – or, perhaps, the day General Mills came out with Dulce de Leche-flavored Cheerios.
But what I think caused the sea-change in the C-Suite was the data recently released by the US Census Bureau earlier this summer– that Multicultural births outpaced White births, 50.4% to 49.6%, from July 2010 to July 2011. This is a big deal – it brings home the fact that those charts showing the Multicultural populations adding up to more than 50% of the US population by 2050 weren’t a far-away concern. It’s already happening.
It’s time to buckle your cinturón, the future is now.
Terms like “General Market” and “Mainstream” have been used at times to marginalize the populations of color that are hard to reach with everyday, business-as-usual marketing. Now the US Hispanic market is effectively the 11th strongest economy in the world, with a $1.1 trillion dollar value. From now on Hispanic marketing will be an everyday, business-as-usual issue — we are the General Market; we are the Mainstream as an integral part of the whole.
Funny fact: There are more Latinos in Los Angeles – my home city – than there are Irishmen in Ireland, Danes in Denmark or Kiwis in New Zealand. I often wonder: Why doesn’t East LA have its own seat on the Security Council?
As a result of this long-overdue attention, some major players in the corporate world are making moves around this issue, and the advertising, PR and research firms that serve them are stepping up with serious offerings in the space. Look for more.
The likely next trends to watch also include:
Arriba y Adelante
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