The Hispanic and Latino market is on fire, there is a lot of spendable income there and they love personal electronics, and they are good voters. This is changing the dynamics in the United States and the way we live. This is one incredible consumer market segment that no business can neglect. Perhaps, it is for that reason that I have a very good book I’d like to recommend to you. The name of the book is;
“The Latino Boom! – Everything You Need to Know to Grow Your Business in the US Hispanic Market,” by Chiqui Cartagena (female), published by Ballantine Books, New York, NY, 2005, (232 pp), ISBN: 0-345-48235-2.
This author knows exactly what she’s talking about and she grew up in Spain and runs a Hispanic media company. She tells us that in 2005 Hispanic families made $4000 more annually than African-Americans in the United States. Hispanic could be many different nationalities – Mexicans, Cubans, Puerto Ricans, Latin Americans, and people from Spain. The teens are urban trendsetters and by 2020 Hispanics will be 25% of the population in the United States and that is at the low end of the projection.
It is estimated that by 2012 the spendable income from Hispanic citizens will be well over $1 trillion. Although Hispanics also have the highest dropout rates, many of them also are self-employed or own businesses. In the United States Black Americans account for 36 million people or 13%, whereas Hispanic populations account for 41 million or 15%, and Hispanics are outpacing in population growth almost 2 to one presently. In Puerto Rico alone there are 3.8 million Hispanic folks.
The Hispanic voters were the decider in the 2004 elections. In the 1960s hundreds of thousands fled from Cuba and came to Miami. Miami is also home to Argentinians, Brazilians, and Venezuelans all considered Latino. They bring with them their culture, strong family values, and future buying power. 80% of the Hispanics in the US live in seven states; California, Texas, New York, Arizona, New Mexico, New Jersey, Florida, and Illinois.
In 2008 they had an estimated $800 billion in buying power, and at that time only 4% of Hispanics who were over 50 years old made $50,000 per year, although that number is rapidly climbing. The average Cuban-American is 30 years old and they are one of the most industrious groups running many businesses in Florida. 30% of Hispanics are foreign born do not speak English very well and 10% of US-born Hispanics don’t speak English, although 30% are bilingual.
With larger families they lean towards collectivism and they believe in fate and God, very religious folks. They are spontaneous and are much more able to relax than a typical whitey American. Their spending on personal electronics is way up, and perhaps this accounts for the reason that Carlos Slim is now the richest person in the entire world and he is involved with cell phones and personal technologies. It is also known that in North Carolina Hispanic populations have quadrupled in the last decade – a story which will be repeated in many states in coming years.
This book is a complete eye opener for anyone who thinks they can neglect the Hispanic market in their business. Because nothing could be further from the truth – this is definitely the demographic and market segment that you need to watch in your business, and that’s why I highly recommend that you buy this book and get yourself educated on this topic. This is a game changer, it will change everything, and it’s time that you went with the flow to greater profits in your business.