Although Hispanic consumers may hold $1.5 trillion in buying power, half of U.S. marketers have failed to establish multicultural marketing initiatives within their organizations, according to a new report.
Well-heeled Hispanics constitute 12.2 percent of Hispanic earners, and these influences tend to throw about their financial weight a bit more than non-Hispanic affluent spenders.
President and CEO of marketing firm Pinta, Mike Valdes-Fauli, believes that brand loyalty can be won within the Hispanic millennial market, just as soon as advertisers and marketers understand that "brand value matters."
Young with large families, stylish and bicultural, upscale Latinos are more likely to belong to dual income earning households. They're more likely to devise a plan for family finances, pay off debt, plan for a brighter tomorrow and own pets.
The Latino population is abundant. The group now outnumbers the longstanding Caucasian majority, and Latinos can take credit for 19% of 16- to 24 year olds in the United States. To reach this demographic, marketers have even gone as far as to feign authenticity, by branding products “Latino.”
Latinos are at the helm of social media; a fact that was confirmed by a 2013 Pew Report that indicated that 80 percent of Hispanic adults in the U.S. use social media, which is more than whites (70 percent) and African Americans (75 percent).
