Searching for a significant source of market growth for your brand? Look no further…it is the Hispanic market.
That’s right. The Hispanic market segment is the fastest-growing and accounts for almost half of U.S. population growth. According to the Selig Center for Economic Growth, Hispanic purchases are on track to reach $1.7 trillion in 2020. And with 51% of the segment being below the age of 30, much of their buying power is yet to come.
Unfortunately, many companies miss this huge marketing opportunity or fail to create communications that are relevant and culturally effective. Just translating an ad into Spanish not only misses the mark, it has the potential to alienate the intended audience. Both large and small companies struggle with even knowing how to address the opportunity once it is recognized.
Last week, the new CEO of Kraft/Heinz observed that Hispanic Americans make up 20% of the U.S. population, yet “We don’t have absolutely anything in our portfolio today to attend to this population. We don’t even communicate to the Hispanic community.” And if you know anything about Kraft/Heinz, you will agree the struggling company needs new sources of growth.*
To learn more about what the Hispanic opportunity can mean to your brand and why it is important to make it a strategic priority, download our white paper, ¿Qué Pasa with the U.S. Hispanic Market? Then give us a call. We can help you begin the process of understanding and addressing this significant growth opportunity.
*WARC article published August 12, 2019 “Kraft Heinz signals cuts to agency costs”