According to the U.S. Census data, Latinos are the fastest-growing ethnic group in America and is the largest minority. Latinos number at around 42 million which is about 1 in every 8 residents of the country. It is also estimated that by 2008, 1 in every 5 will be Latino. Right now the buying power of this huge demographic group is at $800 billion. It is predicted that in a short two years it will grow to over $1 trillion.
Research shows that in another 8-10 years they will have more buying power than half of China, estimated to be at 60% at the end of that period of time.
One of the key components in successfully marketing to Latinos is that they are much more brand conscious and loyal than the overall general U.S.population. Now when I say brand here, it does not refer to what we would normally think of as a brand being a product or service, but rather the overall company itself is what is thought of in the mind of a Latino consumer or worker. It is the reputation of the company that receives their loyalty, above what they offer.
The businesses that learn how to recruit, develop and keep Latino talent will be the ones that have a stronger branding with this demographic than those that don't make efforts in this area at all, and will be much more competitively positioned in the marketplace.
Take note of the implications of the figures above that in less than a decade American Latinos will have more buying power than over half of China. With so much scrambling to get into that market, I think that there will need to be some rethinking about this one at home.
What are your thoughts on the tremendous growth of this expanding demographic?
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