By the year 2010, experts predict that the number will swell to as many as 48 million, and by 2050, more than 87 million Hispanic people will be engaged in purchasing, consuming,and disposing of goods, and service in the US.
According to the latest US Census Bureau statistics, the Hispanic population brings $856 billion spending power to the marketplace.Ever since advisers and marketers have created a niche for the Hispanic consumer in the US, we are more responsive to the advertising.
The Hispanic market currently represents some $900 billion in spending power and is expected to grow to $1 trillion by the year 2010. With income and wealth growing, new windows of opportunity will develop to fill the gap between Latino consumers‚ needs and existing products and services.
Studies has shown that female Hispanic consumer is highly cognizant of trends and styles and likes to shop for fashion,‰ relates Kim Kitchings, director of research and strategic planning for Cotton Incorporated.
They like to jump on a trend as it‚s happening, rather than catching it when it‚s phased through the mainstream. Hispanic women are very much into their appearance and how they comes across ,‰ shares Evan Gordon, president and founder of Hispanicity, a Chicago-based Hispanic marketing agency.
Research has shown that Hispanic women tend to spend extra time and money on clothing and accessories so she can be one of the sharpest dressed people out there, 40% of the of these women buy the latest fashion at the beginning of the season, they are willing to spend 15% more.
Exploring the attitudes of the Hispanic credit card users, their socioeconomic and characteristics, where they consider credit cards generally useful. The industry and marketing strategies develop enhancements that appeal to changing customers needs, especially for the Hispanic market that is growing.
Traditionally, businesses have perceived the Hispanics as a low income group with little education and lacking credit cards. However, this perception may be changing, and for a good reason. Today, the Hispanic market numbers about 46 million in size with around $850 billion in spending power.
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