The ever-popular "one size fits all" approach to marketing is likely the biggest mistake that marketers, brands and businesses can make, particularly when marketers are looking to win a fragment of Hispanics' spending power.
With 1.5 trillion in spending power, there's little need for arguing -- Latinos have a firm hold on national wealth and spending that has influences the way mainstream marketers think, function and spend.
Charlotte is the largest city in the North Carolina, it's the 16th largest city in the U.S. based on the population, and it is one of fastest growing cities in the United States. Also, it's stealthily becoming one of the fastest emerging Hispanic markets in the country.
Advertisers have been tripping over themselves to get a piece of the coveted and growing Latino market. Yet, little attention has been paid to the tectonic transformations in Hispanic marketing that occurred in 2014 or the monumental developments in Hispanic engagement that will likely take place in years to come. Here are eight things you need to know about the ever-changing Hispanic market.
The Southeast and Atlanta are exhibiting growth when it comes to the nation's largest consumer market segment, the Hispanic market. While Hispanics/Latinos only represent about 12 percent of Atlanta's population (compared to 17 percent of the total U.S. population), "Hotlanta" has been deemed the hottest Hispanic market in the nation.
Younger than non-Hispanic white shoppers in the U.S. by 10 years, the Latina shopper considers herself passionate, and she "identifies herself with the brands that are trendy, feminine, sexy and fun." With 19.3 million Latina shoppers in the U.S., they command the bulk of $1.2 trillion in Hispanic purchasing power--a number that is estimated to climb to $1.7 trillion by 2017.
Research was recently done to investigate whether there were startups launching scalable businesses aimed to service the Hispanic community/ consumers, and surprisingly, there aren't very many.
