Thursday, November 09, 2006
Top Hispanic emerging markets
The Selig Center for Economic Growth also include the 10 fastest growing Hispanic consumer markets (listed in order of percent of change from 1990-2006)
1 Arkansas 1174.4%
2 N. Carolina 1041.6%
3 Tennessee 832.5%
4 Georgia 832.2%
5 Nevada 747.8%
6 Alabama 678.8%
7 S. Dakota 651.9%
8 Minnesota 633.0%
9 S. Carolina 625.6%
10 N. Dakota 622.8%
These are not your father's traditional Hispanic markets. What does this mean? While most national advertisers focus their dollars on the established Hispanic markets (i.e. New York, Miami, Chicago, Dallas, Los Angeles, etc.) since the largest concentrations of Hispanics are there, companies should and need to consider these secondary markets in their outreach plans.
1 Arkansas 1174.4%
2 N. Carolina 1041.6%
3 Tennessee 832.5%
4 Georgia 832.2%
5 Nevada 747.8%
6 Alabama 678.8%
7 S. Dakota 651.9%
8 Minnesota 633.0%
9 S. Carolina 625.6%
10 N. Dakota 622.8%
These are not your father's traditional Hispanic markets. What does this mean? While most national advertisers focus their dollars on the established Hispanic markets (i.e. New York, Miami, Chicago, Dallas, Los Angeles, etc.) since the largest concentrations of Hispanics are there, companies should and need to consider these secondary markets in their outreach plans.
Hispanics: Minority group with most disposable income
The Selig Center for Economic Growth recently released its annual report, "The Multicultural Economy," that showed Hispanic spending power in 2007 is $863 billion in 2007, the most of any other minority group and up 300 percent since 1990 -- according to an article on RTO.com.
Other key findings in the report:
-- Purchasing power will reach about $1.2 trillion in 2011.
-- Between 1990 and 2011, the Hispanic population will increase by 126.4 percent, compared
to a 25.4 percent gain for the total population and 5.4 percent for the non-Hispanic population.
-- Hispanics spend more on groceries, telephone services, major appliances, vehicle purchases, gas and motor oil, men’s and children’s clothing, footwear and housing.
-- Hispanics spend the same as non-Hispanics on alcoholic beverages, utilities, housekeeping supplies, furniture, small appliances women’s and girls’ clothing, public transportation, and personal care products and services.
-- Hispanics spend less on health care, entertainment, education, and personal insurance
and pensions.
Other key findings in the report:
-- Purchasing power will reach about $1.2 trillion in 2011.
-- Between 1990 and 2011, the Hispanic population will increase by 126.4 percent, compared
to a 25.4 percent gain for the total population and 5.4 percent for the non-Hispanic population.
-- Hispanics spend more on groceries, telephone services, major appliances, vehicle purchases, gas and motor oil, men’s and children’s clothing, footwear and housing.
-- Hispanics spend the same as non-Hispanics on alcoholic beverages, utilities, housekeeping supplies, furniture, small appliances women’s and girls’ clothing, public transportation, and personal care products and services.
-- Hispanics spend less on health care, entertainment, education, and personal insurance
and pensions.
