Marketing and The Growing Latino Community in the U.S.
Marketers are like stock brokers working at Wall-Street. They are observing the growing trends and purchasing demographics.
Such as the Hispanic aka Latino Market which has seen a rapid growth in the U.S. since becoming the largest minority group.
The Hispanic (Latino) market is comprised of immigrants from Latin American countries such as Mexico, Central America, and the Caribbean. Which have since made the U.S their home country and are responsible for a new generation of U.S born Latinos. This market has now widened in the past years and now includes native-born second- and third-generation Hispanics.
So is this an entirely separate market, I mean they´re all Latinos right?
One of the prime characteristics of this market has been the growth in the use of Spanish language in the Media. As well as advertising which is consumed by this Spanish speaking immigrant demographic.
According to Pew Research, over the last 30 years, the Hispanic (Latino) market has been booming. Showing a growth 14.8 million in 1980 to 55 million in 2014.
Though most of this growth is due to immigration in the 80´s and 90´s which surpassed U.S. births. A growth that was set to decline in 2004. Then in 2016, about 28% of the 1 million annual immigrants in the U.S. were Hispanics (Latinos), now surpassed by Asian immigration.
Hispanics (Latinos) one group or two?
Based on the data by Pew Research and with new security measures implemented, the percentage of Hispanic (Latino) immigration is set to decrease to about 25% by 2020. Not considering the political stance and how it may be in the next years.
With U.S. born Latinos on a rising trend, we are yet to see how marketers make this separation or distinction from their parents or foreign-born immigrants.
One thing that I would note is that these two groups are entirely different. Each with different beliefs and purchasing trends. Thus it would lead me to believe that both must be targeted by marketers differently.
Data doesn´t lie, there are two markets, both Hispanic (Latino). One that is aging and a bit more old school or still tied to their home country and one that is younger, and rapidly.
So the question is, what steps do we take in order to fulfill these two markets?
More than selling to these markets we first need to understand what differentiates them from each other. Plenty of marketers may think that this is all one demographic group by the fact that they both speak Spanish.
But this is where they get it entirely incorrect, as many of us may speak Spanish but we are multi-cultural. We live in two worlds which must be catered in a creative way, one that will satisfy our needs.
Would I love to hear your point of view? Please share your comments below.
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