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Are You Shifting Marketing and PR Plans Based on Hispanic Demographic Trends?

Posted originally on May 26th, 2010, by BurrellesLuce Insider

by Colleen Flood*

Hola, como estan todos?  Es un placer de estar aqui. Estan todos disfrutando la conferencia?

This is similiar to how David Henry, founder and president of Telenoticias and co-author of Hispanic Marketing and Public Relations: Understanding and Targeting America’s Largest Minority, started the session “A Sleeping Giant” at the PRSA Counselors Academy Conference, which BurrellesLuce sponsored, this past weekend. Henry switched back to communicating in English and asked if we understood what he had just said. Only one or two hands went up in the group. He then related this to what Hispanics understand when they are marketed to in English.

The current marketplace in the U.S. is comprised of a diverse group. There has been boom over the past few years and by 2050, it is estimated that 30 percent of the population will be Hispanic. This is a population with a purchasing power that is progressing 50 percent faster than non-Hispanic groups. (In fact, BurrellesLuce first began writing about these trends in a 2007 newsletter entitled, “Top Five Tips for Reaching the Growing Hispanic Market.”)


Hispanic 101 (Part 8): Latino Entrepreneurs

Hispanic business owners are an important part of the Hispanic market. Census research has shown Hispanic-owned businesses are growing at three times the national average.  The latest figures show that one of every ten businesses in America is run by a Latino.  By 2010, it’s predicted that there will be 3.2 million Hispanic-owned firms in the U.S., altogether generating $465 billion annually.

The majority of these are small businesses with annual revenues under $250,000.  They range from local restaurants, to hair salons, construction companies, and mechanics.  Such businesses are key to the growth of the Hispanic middle class.

Then there are some 1,500 larger firms estimated to have 100 employees or more, manufacturers and large-scale construction contractors, chains of Hispanic-related grocery stores, and firms with real estate holdings in the U.S. and possibly Latin America.  Altogether, these businesses generate about $42 billion annually in gross revenue.  Many are started from scratch, with borrowed money or foreign capital.


Hispanics And The 2010 Census

The 2010 Census is expected to show an explosive growth in America’s Hispanic population over the last decade.  When the Census Bureau compared the Hispanic population in 2000 and 2006, it found the population’s growth rate was nearly quadruple the rate of the overall U.S. population.   Hispanics were responsible for half of all population growth in the country during that period.

The Census Bureau then projected that at that rate they would count approximately 47 million Hispanics living in the U.S. in the 2010 Census.  Two years later, they increased their projection to over 49 million, or just over 16 percent of the American population.  At their current rates of growth, Hispanics are likely to cause non-Hispanic whites to be the minority of the population before 2050.

Along with the anticipation of the next census’ findings, though, is the fear that Hispanics may be undercounted.  The Census Bureau estimates that it missed close to a quarter of a million Hispanics in the 2000 Census.  Other groups like NALEO, the National Association of Latino Elected Officials, have estimated that number at closer to a million.