Latino Marketing Research Paper

3269 Words14 Pages
U.S. Latino Marketing "Today 50% of all bookings at Radio City Music Hall are Latino artists. Salsa outsells ketchup in the Midwest. Nachos beat hot-dogs at movies. What's happening? Simple: A cultural and marketing phenomenon known as the U.S. Latino market." - Bromely Aguilar Associates, media kit, 1999 Over 35 million Latinos live in the United States alone. Every minute, the U.S. Latino population grows by 2.5 people. From a marketing perspective, that is another 150 potential customers arriving every single hour or 3,600 per day. With the release of the latest U.S. Census information confirming that Latinos are here to stay, passing African Americans as the largest minority group in the country, marketers would be foolish…show more content…
90) If we look at the statistical profiles of the Latino market, we can obtain a basic understanding of why this market is gaining serious attention from marketers worldwide. "There are three major Latino groups Mexicans, Puerto Ricans, and Cubans which are geographically separated and greatly facilitate the ability of local and regional media to reach each group." (Guernica. pg. 8) However, Latinos come from various countries throughout Latin America and the Caribbean, with the largest percentage coming from Mexico. During the period between 1950 and 1996, the total U.S. population grew from 151.3 million to 264.8 million. This represents an increase of more than 75%. During the same period, the Latino population grew from 4.0 million to 27.2 million, an increase of more than 600%. Latinos currently compromise 13% of the nation's population and are projected to grow to 56 million by 2010 and reach 70 million by 2020. (Source: United States Census…show more content…
In 1993, 30% earned between $25,000 and $50,000, 16% earned over $50,000. Estimates have it that in 2002, Latino purchasing power will be $428.3 billion (approximately 6% of total U.S. purchasing power). However, only about 1% of U.S. advertising dollars will be spent trying to reach Latino consumers. (Whitefield, C1) What's more, the Latino market exhibits sustained brand loyalty that, once established, will give marketers access to the growing purchasing power of U.S. Latinos, which could reach approximately $1 trillion. It is important for marketers to understand that unlike traditional market segment research and eventual campaigns, there are several cultural attributes of Latinos that must be understood before any new endeavor is to be started. Cultural Attributes from a Marketing Perspective: "The factor that stands out as one reads through these cases is that the U.S. Latino market is different from the general market." (Roslow and Therrein Decker, 1997) One of the crucial barriers for marketers to overcome is adhering to both social and economic stereotypes, which have been consistent and negative when forming the media campaigns aimed at winning over the Latino market. When attempting reach the Latino market, marketers should understand the cultural traits of the

More about Latino Marketing Research Paper

Open Document