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What Everybody Ought to Know About the Latino Market

What Everybody Ought to Know About the Latino Market

What Everybody Ought to Know About the Latino Market

Companies all over the world are becoming more aware of the opportunity the Latino market in the U.S. presents. Not only due to the market size, as there are more than 54 million Hispanics in the U.S., but because of its increasing purchasing power.

The Latino market will represent $1.5 trillion in purchasing power by 2015 and 30% of the U.S. population by 2050. Numbers not easily dismissed.

What Everybody Ought to Know About the Latino Market

If the above numbers haven’t dawned on somebody yet, and to grasp their full impact, let’s just focus on the following two U.S. Latino market facts:

One out of 5 people in the U.S. is Hispanic.

EVERY 30 SECONDS A HISPANIC TURNS 18 YEARS OLD

And our personal favorite, as it will take place in less than two months from today:

By 2015 one out of 3 babies will be Hispanic.

If you are targeting women and are not considering Latino women, you may be missing the boat.

Understanding the Latino Market in the United States – Acculturation Process

Assimilation is defined as the process whereby a minority group gradually adopts the customs and attitudes of the prevailing culture and it implies the rejection of the original culture.

To acculturate means to incorporate or acquire a new culture without foregoing another culture.

Hispanics do not “assimilate”, they “acculturate”. They do not let go of customs and/or language in order to learn to navigate in the American culture. Furthermore, U.S.-born Hispanics, retro-acculturate by learning how to navigate in the Latino culture as well.

The Biculturals or Semi-Acculturated (a segment of the Latino market labeled last year by Nielsen as the Ambicultural middle) are “People that can navigate in both cultures” – Goffan, June, 2008 – Understanding Hispanic Market Segmentation.

“Today, these circles still represent culture more than ever. Not segments. Not slices of the population. Cultures. Everybody in the Venn diagram below is Hispanic and depicting today’s reality that about 70% of Hispanics are bi-culturals (and bilinguals to a certain degree.) Why are we still debating on what language to address this population and not concentrating on what message will resonate better with the market depending on the level of Hispanic Acculturation? Bi-culturals have two sets of cultures, two sets of maps with which to interpret behaviors, messages, thoughts and everything they do as members of a society.” Goffan, 2013 – Hispanic Acculturation Secrets Unveiled.

hispanic-acculturation-model

U.S.-born Hispanics, retro-acculturate by learning how to navigate in the Latino culture as well.

Research Findings for the Latino Market in the U.S.

What Everybody Ought to Know About the Latino Market

What Everybody Ought to Know About the Latino Market

Overall, U.S. Hispanics (both U.S.-born and foreign-born):

  • Believe in the importance of education
  • Are willing to adopt non‐traditional household roles
  • Are religious
  • Are conformist
  • As Hispanics acculturate, they’re more likely to experiment with new brands, but somewhat less inclined to switch based on price.
  • Compared to U.S.‐born Hispanics, the less acculturated are more inclined to buy brands based on price, Spanish‐language ads, recommendations by family or friends, or the belief that the brand makes them feel more successful.
  • The majority of foreign-born Latinos stick with brands they trust.
  • Promotions with highest foreign-born Hispanic awareness:
    • In-store product demonstrations or
    • in‐store taste tests, product demonstrations, & free samples for home use
    • Sponsoring an event or celebration with a Hispanic Theme
    • Games or contests involving a product or service
  • Hispanics Shop with Their Senses: double the number of Hispanics than non-hispanics like to touch and feel a product, think it’s fun to immerse themselves in the store atmosphere, and judge product quality by the product packaging.
  • U.S.-born Hispanics are more than twice as likely vs. non-Hispanics to:
    • follow the trends
    • like to try new products first
    • like to be first to share with friends

Being able to transmit your message and truly connect with your audience, can really make a difference and turn things around for a business.

What does the Latino Market do Online?

In a comScore research study, the following activities were the most mentioned by the participants:

  • Leisure Activities
  • Research products online
  • Visit social networking websites such as Twitter or Facebook
  • Buy products online
  • Socialize with friends at your home
  • Send or receive text messages using your cell phone

If you know somebody that ought to know this information on the Latino market, go ahead and send it to them!!

You can add this infographic to your site by inserting the following code snippet on your page:

<div>
<a href="http://hispanic-marketing.com/what-everybody-ought-to-know-about-the-latino-market/">
<img src="http://hispanic-marketing.com/wp-content/uploads/2014/11/What-Everybody-Ought-to-Know-About-the-Latino-Market.jpg" alt="What is Inbound Marketing by Target Latino"></a>
<br/>
<p>Please include attribution to <a href="http://targetlatino.com">Target Latino</a> with this infographic</p>
</div>
What Everybody Ought to Know About the Latino Market
Social with Hispanics
Do you know about people from Ecuador?
Who are the Peruvians?
What do you know of Hondurans?
people make mistakes Even the people you love

people make mistakes Even the people you love

Next Quote? funny inspirational quotes on every post!

What Everybody Ought to Know About the Latino Market

What Everybody Ought to Know About the Latino Market

What Everybody Ought to Know About the Latino Market

Companies all over the world are becoming more aware of the opportunity the Latino market in the U.S. presents. Not only due to the market size, as there are more than 54 million Hispanics in the U.S., but because of its increasing purchasing power.

The Latino market will represent $1.5 trillion in purchasing power by 2015 and 30% of the U.S. population by 2050. Numbers not easily dismissed.

What Everybody Ought to Know About the Latino Market

If the above numbers haven’t dawned on somebody yet, and to grasp their full impact, let’s just focus on the following two U.S. Latino market facts:

One out of 5 people in the U.S. is Hispanic.

EVERY 30 SECONDS A HISPANIC TURNS 18 YEARS OLD

And our personal favorite, as it will take place in less than two months from today:

By 2015 one out of 3 babies will be Hispanic.

If you are targeting women and are not considering Latino women, you may be missing the boat.

Understanding the Latino Market in the United States – Acculturation Process

Assimilation is defined as the process whereby a minority group gradually adopts the customs and attitudes of the prevailing culture and it implies the rejection of the original culture.

To acculturate means to incorporate or acquire a new culture without foregoing another culture.

Hispanics do not “assimilate”, they “acculturate”. They do not let go of customs and/or language in order to learn to navigate in the American culture. Furthermore, U.S.-born Hispanics, retro-acculturate by learning how to navigate in the Latino culture as well.

The Biculturals or Semi-Acculturated (a segment of the Latino market labeled last year by Nielsen as the Ambicultural middle) are “People that can navigate in both cultures” – Goffan, June, 2008 – Understanding Hispanic Market Segmentation.

“Today, these circles still represent culture more than ever. Not segments. Not slices of the population. Cultures. Everybody in the Venn diagram below is Hispanic and depicting today’s reality that about 70% of Hispanics are bi-culturals (and bilinguals to a certain degree.) Why are we still debating on what language to address this population and not concentrating on what message will resonate better with the market depending on the level of Hispanic Acculturation? Bi-culturals have two sets of cultures, two sets of maps with which to interpret behaviors, messages, thoughts and everything they do as members of a society.” Goffan, 2013 – Hispanic Acculturation Secrets Unveiled.

hispanic-acculturation-model

U.S.-born Hispanics, retro-acculturate by learning how to navigate in the Latino culture as well.

Research Findings for the Latino Market in the U.S.

What Everybody Ought to Know About the Latino Market

What Everybody Ought to Know About the Latino Market

Overall, U.S. Hispanics (both U.S.-born and foreign-born):

  • Believe in the importance of education
  • Are willing to adopt non‐traditional household roles
  • Are religious
  • Are conformist
  • As Hispanics acculturate, they’re more likely to experiment with new brands, but somewhat less inclined to switch based on price.
  • Compared to U.S.‐born Hispanics, the less acculturated are more inclined to buy brands based on price, Spanish‐language ads, recommendations by family or friends, or the belief that the brand makes them feel more successful.
  • The majority of foreign-born Latinos stick with brands they trust.
  • Promotions with highest foreign-born Hispanic awareness:
    • In-store product demonstrations or
    • in‐store taste tests, product demonstrations, & free samples for home use
    • Sponsoring an event or celebration with a Hispanic Theme
    • Games or contests involving a product or service
  • Hispanics Shop with Their Senses: double the number of Hispanics than non-hispanics like to touch and feel a product, think it’s fun to immerse themselves in the store atmosphere, and judge product quality by the product packaging.
  • U.S.-born Hispanics are more than twice as likely vs. non-Hispanics to:
    • follow the trends
    • like to try new products first
    • like to be first to share with friends

Being able to transmit your message and truly connect with your audience, can really make a difference and turn things around for a business.

What does the Latino Market do Online?

In a comScore research study, the following activities were the most mentioned by the participants:

  • Leisure Activities
  • Research products online
  • Visit social networking websites such as Twitter or Facebook
  • Buy products online
  • Socialize with friends at your home
  • Send or receive text messages using your cell phone

If you know somebody that ought to know this information on the Latino market, go ahead and send it to them!!

You can add this infographic to your site by inserting the following code snippet on your page:

<div>
<a href="http://hispanic-marketing.com/what-everybody-ought-to-know-about-the-latino-market/">
<img src="http://hispanic-marketing.com/wp-content/uploads/2014/11/What-Everybody-Ought-to-Know-About-the-Latino-Market.jpg" alt="What is Inbound Marketing by Target Latino"></a>
<br/>
<p>Please include attribution to <a href="http://targetlatino.com">Target Latino</a> with this infographic</p>
</div>
What Everybody Ought to Know About the Latino Market
Social with Hispanics
Do you know about people from Ecuador?
Who are the Peruvians?
What do you know of Hondurans?
people make mistakes Even the people you love

people make mistakes Even the people you love

Next Quote? funny inspirational quotes on every post!

Hispanic Market Trends Forecast

by Claudia “Havi” Goffan
Target Latino CEO

Claudia “Havi” Goffan had the honor of being appointed to the Innovaro Global Lifestyles Panel as their Hispanic Market Futurist. Following is a transcript of her presentation on The Future of the Hispanic Market.

Summary:Brief overview of the current Hispanic market situation, analysis of its past, and predictions for its future. A closer view of Latinos and Technology.

We’re living in a time when our world is being redefined. Even as you hear this, America continues to change. When you go to bed tonight, it will have changed even more. And, within the past 20 years, the Hispanic market projections have become a reality, our reality.

Find out what the Hispanic Market Trends Forecast are. Discover what four aspects count heavily towards adoption of Technology by Latinos. To continue reading click on the Hispanic Market Trends Forecast link.

Steve Jobs #innovation

Steve Jobs #innovator

Hispanic Market Dog Food Launch: Beneful Healthy Fiesta

by Claudia Havi Goffan

Hispanic Market Dog Food Launch Evaluation: Beneful Healthy Fiesta

While some companies are still hesitant about tackling the Latino market; Purina goes for it, hook, line and sinker.

Last July, Purina launched a new Beneful dog food flavor to appeal to Latino dog owners called Healthy Fiesta.  Maybe these pooches have inherently acquired the Latino culture and that makes them crave tomatoes and avocados? I guess my dog, if I had one, would love to have good and juicy steaks. Oh, wait. That actually applies. Will Hispanics really choose chow for their pups based on a Latino sounding brand?

My concern with my pet’s food, Sundance (the oldest cat I know), is how healthy it is for her and not that it tastes like salsa. Well, I’d love her to be able to taste whatever she pleases but her health comes first. And to this day, pet food companies have a long way to go to earn my trust.

I still say, kudos to Purina for being so daring. But maybe next time, the research should be focused on what Hispanic dog owners’ concerns are. I may be mistaken, so I would love to hear the opinion of all of you Latino pet-parents. Would you give your puppy Beneful Healthy Fiesta? Why?

The commercial is pretty much like all of the Beneful ads and here it is for you to enjoy.

Hispanic Market Dog Food Launch: Beneful Healthy Fiesta 🙂

too funny

too funny

More Grocery Chains Say Bienvenidos to the Hispanic Market

Arroz con leche. Comfort food Latin style. #youeatwithyoureyesfirst

Arroz con leche. Comfort food Latin style. #youeatwithyoureyesfirst

With the popularity of cooking Mexican cuisine at home on the rise, and the fast-growing Hispanic-American population, it’s no surprise that retailers, specifically grocers, are paying more attention to the Hispanic markets. More and more stores are bringing the Hispanic foods out of the ethnic aisle and into the mainstream sections of the stores.

Supermarket chains, like Publix, now offer Mexican spices among the parsley and thyme, and queso fresco and chorizo can be found next to the Parmigiano-Regianno and Roquefort in the refrigerator cases. National chain Walmart is also aiming to appeal to Hispanic shoppers with two test Supermercados debuting in Houston and Phoenix. Likewise, Sam’s Club is opening a Hispanic-oriented store called Mas this Summer in Houston.
Although the recession might not be a good time to develop new cultural marketing strategies, according to a report by the Food Marketing Institute, Hispanic consumers shop for groceries more often than the average American. They also cook from scratch more and purchase more fresh ingredients. Since I’m a huge fan of embracing all types of cuisine, I’m happy to hear that Mexican food items will be easier to find. How do you feel about the news?

With the popularity of cooking Mexican cuisine at home on the rise, and the fast-growing Hispanic-American population, it’s no surprise that retailers, specifically grocery chains, are paying more attention to the Hispanic markets. More and more stores are bringing the Hispanic foods out of the ethnic aisle and into the mainstream sections of the stores.

Supermarket and grocery chains, like Publix, now offer Mexican spices among the parsley and thyme, and queso fresco and chorizo can be found next to the Parmigiano-Regianno and Roquefort in the refrigerator cases. National chain Walmart is also aiming to appeal to Hispanic shoppers with two test Supermercados debuting in Houston and Phoenix. Likewise, Sam’s Club is opening a Hispanic-oriented store called Mas this Summer in Houston.

According to a report by the Food Marketing Institute, Hispanic consumers shop for groceries more often than the average American. They also cook from scratch more and purchase more fresh ingredients. Since I’m a huge fan of embracing all types of cuisine, I’m happy to hear that Mexican food items will be easier to find. How do you feel about the news?

Source: Partysugar – More Grocery Chains Say Bienvenidos to the Hispanic Market
Arroz con leche. Comfort food Latin style. #youeatwithyoureyesfirst

Arroz con leche. Comfort food Latin style. #youeatwithyoureyesfirst

Are you taking advantage of the crisis to increase your share of the Hispanic market?

by Claudia Ahaviah Goffan

Are you taking advantage of the crisis to increase your share of the Hispanic market?

Hispanics are more resistant to recessions and economic crisis.  They have been exposed to them already. 

 

In 1998 and 1999, the majority of Latin American countries suffered a severe economic recession that drove corporations into insolvency and forced many to close down. In some cases, whole countries bordered bankruptcy.  These recessions also caused the deterioration and sometimes the fall of the banking system and massive lay-offs that increased the existing unemployment levels and caused the further loss of purchasing power among large sectors of the population. 

 

Perform an internet search on ”worst recession in Argentina” and you will get articles from 2001.  Not too long ago, right?

 

If we add the fact that most U.S. Hispanics are less prone to running large credit cards tabs, invest heavily in the stock market and more price conscious – another effect of going through recessions, high inflation-levels and high unemployment rates paired to the lack of available credit in most Latin American countries – makes them more resilient to these tough financial times.

 

Of course, this doesn’t mean all products or services will be equally appealing to the market.  We are not even considering segmentation.  But many companies have increased their Hispanic sales in 2008 and the first two-months of 2009. We are even seeing the two major Hispanic TV networks, Univision and Telemundo, challenged by a new one, Estrella TV.

 

In the U.S., one in four children under 10 years old is Hispanic.  Do you think it’s wise to market to them when they are young? And to their parents?  Personally, I believe that as crisis promote change, people tend to change products, brands, services.  Thus, developing an innovative Hispanic marketing and communication strategy that entices these consumers should be a smart move.  Yes, even with a limited marketing and advertising budget.

What Everybody Ought to Know About the Latino Market
hispanic market forecast trends

Quote of the Day

Quote of the Day

brilliant quotes