Did you know that Hispanics are less impacted by the recession, and their overall outlook about the condition of our economy is more optimistic? They are also more avid shoppers and have a tendency to react better to TV advertising than the general population. The Hispanic consumer is able to rebound quicker to trends than their non-Hispanic counterparts. In other words, they are prime prospects in today’s troubled marketplace.
Years ago in junk mail, we discovered that many Spanish-speaking potential customers wanted to be contacted in their native language, so linguists were hired in the copy-writing field to translate junk mail offers into Spanish. It worked gangbusters, and the concept has once again been confirmed by a study done on Hispanics for Univision Communications, the premier Spanish-language media company in the U.S.
Here are some figures you probably did not know. Just 45 percent of Hispanics carry credit cards compared to 71 percent for non-Hispanics. And even a lesser amount take out loans, only 34 percent versus 53 percent for non-Hispanics. They shop more frequently than non-Hispanics, take more brand prescriptions, and pay more attention to advertising. Univision says that marketers have determined recently that Hispanic sales have outdone non-Hispanic sales.
The buying power of the Hispanic community is growing at a rate 50 percent faster than non-Hispanic, and Univision predicts it will hit $1 trillion by 2010. Some of the reasons might be that Hispanics are more optimistic about their finances by almost 10 percentage points, the same margin being optimistic about the economy. About twice as many Hispanics rent their home compared to non-Hispanic, therefore, less are affected by the wave of foreclosures.
On the surface, it looks like Hispanics are better able to manage their finances, and more prominent in the marketplace as shoppers than non-Hispanics. So why isn’t the Hispanic community using this buying power to negotiate better rights for their families and friends? They made a good start in the 2008 Presidential election as they got out the vote that gave Barack Obama a margin of 56 percent over John McCain’s 41 percent in Arizona. Nationwide it was 67 percent Obama, 31 percent McCain.
Hispanics cast 9.7 million votes in 2008 (7.3%) out of 132.6 million voters nationally. There were 19.5 million eligible Hispanic voters in 2008, and less than 50 percent of those registered to vote actually went to the polls. You’ll have to do better than that, even though the total turnout was only 56.8 percent. You’ll have to beat the general population if you want to make your point and convince this Congress that you are serious about your rights. In Arizona, Hispanics represent 13 percent of the vote.
On July 2, I did an article on why Republican dominance is on its way out in Arizona, “The elephant has left the room Arizona so you’d better get used to it,” that emphasized the new Independent voter impact—more Democrat, more moderate—as well as the increase in the Hispanic vote. Washington, D.C. think Tank, NDN, believes Hispanic voters could turn Arizona into a Blue state.
A comment from the above article asked me to define a “fair” immigration law, and inquired why I skirted the word amnesty. Maybe the day has come for Hispanic activists to join together and “define” exactly what they would consider a “fair” immigration bill and take their thoughts to Congress as a unified group that represents all Hispanics. The current situation is not one we will be able to contain much longer.
By: Jack Dunning
Source: http://www.examiner.com/x-7834-Phoenix-News-You-Can-Use-Examiner~y2009m7d6-Hispanics-have-a-wild-card-to-play
the power of the hispanic community can’t be denied. As marketers this is something we just can’t afford to leave aside. Thanks for the article
It’s true, hispanics do tend to spend more money than americans. I do believe that we need to find a way to include them in the banking system somehow though.
great article!