According to the U.S. Census Bureau, the Hispanic population in the United States increased by 61% between 1990 and 2003, making Hispanics the fastest-growing minority group in America. It is projected that the Hispanic population will triple in size by 2050, reaching 24% of the total U.S. population (U.S. Census Bureau, 2004).
Marketing to U.S. Hispanics is complex as the Hispanic population is a homogenous marketing segment, yet they are a richly diverse group representing seventeen Latin American countries in addition to Puerto Rico and the Caribbean. Cultural traits, traditions and points of reference vary widely as does its preference for communication in English or in Spanish.
Demographic information from the U.S. Census indicated that in 2000 Hispanics represent 13.3 percent of the U.S. population and controlled $581 billion in consumer spending. Projections are that Hispanic spending will exceed $900 billion by 2007 and $1.2 trillion by 2010. The U.S. Census indicated that Florida's population in 2003 was just over 17 million. Hispanics accounted for 17% of the total population and that 48 percent of Floridian Hispanics live in Miami-Dade County. The median household income in 1999 in Miami-Dade County was $35,996, which was 8 percent below the average for the state (U.S. Census Bureau, 2004).
According to Juan Mattern writing for the American Hispanic Advertising Association, the target market for wealthy Hispanics is largely untapped. While Hispanics represent about 13% of the U.S. population, advertisers allocated an average of only 2.4 percent of their marketing resources to target Hispanics. According to the AHAA, there are significant potential opportunities for marketing the following types of products to Hispanics: Pharmaceuticals, automobiles, travel and entertainment, computers and software, in addition to securities and financial services.
Mattern adds that when marketing to Hispanics in South Flori...