If the first pioneers to set foot in America were asked fifteen percent of the population of the country would come from the other side of the Rio Grande they would not consider it.
Historically, there has been a traditional resistance towards immigration coming from Latin America due to the close ties from the original colonists to Europe. However, today, thanks to generations of proud Hispanic/Latino Americans and the integration of their heritage with the American culture, that scenario has begun to change.
Hispanic/Latino consumers now comprise the largest minority group in America, with a purchasing power of $736 billion in 2005, according to the Selig Center for Economic Growth at the University of Georgia. By 2007, they’ll control $928 billion, comprising 9.4 % of the total U.S. market. Hispanic/Latino buying power is growing at an annual rate of almost 9%, twice the non-Hispanic growth rate steady at 4.8 %.
Just as it take places for all groups; internet use is soaring with the Hispanic/Latino community. According to eMarketer, there are 16.7 million Hispanic/Latino internet users in the United States, and that number is expected to reach 20.9 million by 2010. In addition, a survey conducted by Feedback Research last year revealed that 69 percent of the Spanish-speaking population who shop online prefers to do so on Spanish language sites. The fast growth of the new technologies among Hispanic/Latinos may stem from the fact that the average age of Hispanic/Latinos in the United States is 26 years old.
According to the Telemundo/Global Insights Survey, the industries that could benefit the most from greater growth in the Hispanic/Latino market in the coming years include financial products, health, retail sales and home improvement, to name a few.
The Hispanic/ Latino profile in the United States is evolving, and with more companies devoting time and money to that market, key findings are beginning to emerge. While it remains true that family and cultural tradition are important to this group, and that the Spanish language is clearly important to communicate, businesses now understand that multiple targets exist within the group as a whole. Some companies are paying attention to the differences within the Hispanic/Latino population, including nation of origin and different regions in the United States. That is why cultural integration and competence become key to more profitable, efficient and consumer appealing businesses.
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