Hispanic Shoppers Bring Increased Buying Power as Numbers Rise

NEW YORK -- As segments of the population grow, their influence and power grow with them, and that is what retailers have been seeing with the increase of Latinos in the United States.

According to 2010 Census Bureau figures, Hispanics now account for one in every six Americans. Furthermore, the population segment accounted for more than half of the U.S. population increase in the past 10 years. And these numbers cannot be ignored. Publisher Packaged Facts' "Latino Shoppers: Demographic Patterns and Spending Trends among Hispanic Americans, 8th Edition" predicts that Hispanics will continue this trend and will be responsible for more than half of the growth in the country between 2010 and 2015.

Those rising figures turn into rising power at the cash register. Packaged Facts estimates that in 2009 Latinos accounted for more than 9 percent of total buying power, compared to less than 4 percent in 1980. The buying power of Hispanics exceeded $1 trillion in 2010, and the population includes a significant number of high-income households. With an estimated buying power of $616 billion, Latinos of Mexican heritage represent the single most influential segment of the Hispanic market. By 2015, Packaged Facts forecasts the buying power of the Latino population as a whole will reach $1.3 trillion.

"The idea that there's strength in numbers certainly applies to Latinos and what this powerful demographic is poised to achieve over the next several years, especially in regards to the influence Latino consumers will have on retail and how manufacturers market their products," says Don Montuori, publisher of Packaged Facts.

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Why Print Advertising Is Still Relevant There are still – literally – MILLIONS OF PEOPLE who refer to themselves as “computer illiterate,” and think a “mouse” is a tiny rodent that lives under their refrigerator. These same, are still avid consumers who enjoy getting their promo info via billboards, signs, flyers, and periodicals. These days, so many entrepreneurs are focusing their advertising on the web that competition has dropped considerably offline, where “commute illiterate” consumers are waiting to be sold to. The “smart business person” would do well to market to both.

Print Advertising Drives Traffic Print advertising still drives traffic. We cannot assume that everyone is online all the time. There’s still a huge segment of the US population that reads the Sunday paper, clips the coupons, and sets aside the WalMart specials and Kohls coupons. That isn’t going to change. People love big, pretty pictures -- it helps with branding, identity and product awareness.

It's Alive! From a Creative standpoint, print advertising is still relevant because it is the true litmus test of creative efficacy. A stunning print piece needs no bells or whistles to make your jaw drop – even as 100% analog, static experience, it can communicate a clear, powerful message. There is a high level of creative innovation and sophistication necessary to make this happen, but when it does happen, it is undeniable. From a user's experiential standpoint, there is still no substitute for tactical interaction with print. Magazines and newspapers don’t run out of batteries, don’t require a certain viewing angle to avoid glare and don’t need to be synced. The reader does not need to write down your contact information in order to remember it or go online to get it. Lastly, with no carrying cases, they can be folded and stuffed in a bag, and should you lose them – someone else may find and read them.

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