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A good friend of mine sent me this article (Linked) about the Hispanic population. It's Dangerous To Ignore The Impact Of Hispanic Millennials (More on the article later) It isn't all that ironic that he sent this to me, after all he is Hispanic - Cuban Hispanic heritage to be exact. (His father immigrated from Spain to Cuba, then to the U.S.) He wanted to point out to me that he believes this huge segment of the population is being ignored in our industry, and many others as well may be ignoring the Hispanics population's HUGE potential purchasing powerhouse that it is. I BET THIS WILL GET YOUR ATTENTION TO READ MORE WHY IS many industries are IGNORING THIS DEMOGRAPHIC?Correct me if I'm wrong here, but I tried to find past articles on this demographic and how it could influence purchase behaviors for retailers and brands. I couldn't find anything, other than what I'm going to reference below. (If you have the links/articles, please comment and enlighten me). As it pertains to Home Furnishings, I really couldn't find any relevant information about the purchasing habits, styles or trends this demographic group influences, with the exception of an article about Rooms To Go back in October 23, 2013 by Clint Engel: Rooms To Go launches Sofia Vergara line. Needless to say, RTG did their research and licensed probably one of the most liked, well known and respected Hispanic actresses. Here's a quick rundown on her; Sofía Vergara - WIKIPEDIA INFORMATION |
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rom what I hear from my friends in the field, this has been a HUGLY successful line for them...go figure, huh? Look at the social followers alone
My Question: Do you think she has influence?
My Question: Do you think she has influence?
SIMPLY PUT.....
$1,700,000,000,000 OF PURCHASING POWER
THAT'S TRILLIONS
AND THERE IS MORE.....
BACK TO THE ORIGINAL ARTICLE MY FRIEND SENT TO ME THAT INSPIRED THIS BLOG
HISPANICS WILL BE ONE OF THE LAST BASTIONS OF THE 4+-MEMBER HOUSEHOLD, DRIVING FUTURE HOME OWNERSHIP AND CORRESPONDING FOOD, BEVERAGE, TOY AND CPG SPENDING.
Below is an excerpt from the article my friend sent me. It is linked, so you can click the link and read more:
It's Dangerous To Ignore The Impact Of Hispanic Millennials
"Search SlideShare, (BTW owned by LinkedIn) and you will find over 15,000 presentations tagged with “Millennials.” One thing they almost all have in common is the “Diversity Slide.” It is usually just that — a single slide providing some top line demographic data on Millennials. It states that Millennials are one of the most diverse generational cohorts in history. Then the presentation moves on, never to discuss multicultural Millennials again.
They essentially are ignoring 40% of Millennials in their analysis and prescriptions. These Millennials are the future of our economy. These “experts” and the organizations they counsel fail to consider the huge impact multicultural Millennials, particularly Hispanic Millennials, will have on popular culture, buying trends and future marketing more broadly.
Emerging Hispanic Markets, on the other hand, are the new Hispanic immigrant gateways in the Southeast and Midwest, places like Georgia, North Carolina, Ohio, Wisconsin and Nebraska. These markets are seeing double-digit Hispanic population growth, driven by foreign-born Hispanic millennials who are expected to increase by 20-35% in the next five years in these markets. The attitudes and beliefs of foreign-born Hispanic millennials today provide a glimpse of future Hispanic market buying trends in this new Hispanic market such as:
It's Dangerous To Ignore The Impact Of Hispanic Millennials
"Search SlideShare, (BTW owned by LinkedIn) and you will find over 15,000 presentations tagged with “Millennials.” One thing they almost all have in common is the “Diversity Slide.” It is usually just that — a single slide providing some top line demographic data on Millennials. It states that Millennials are one of the most diverse generational cohorts in history. Then the presentation moves on, never to discuss multicultural Millennials again.
They essentially are ignoring 40% of Millennials in their analysis and prescriptions. These Millennials are the future of our economy. These “experts” and the organizations they counsel fail to consider the huge impact multicultural Millennials, particularly Hispanic Millennials, will have on popular culture, buying trends and future marketing more broadly.
Emerging Hispanic Markets, on the other hand, are the new Hispanic immigrant gateways in the Southeast and Midwest, places like Georgia, North Carolina, Ohio, Wisconsin and Nebraska. These markets are seeing double-digit Hispanic population growth, driven by foreign-born Hispanic millennials who are expected to increase by 20-35% in the next five years in these markets. The attitudes and beliefs of foreign-born Hispanic millennials today provide a glimpse of future Hispanic market buying trends in this new Hispanic market such as:
- Hispanics will be one of the last bastions of the 4+-member household, driving future home ownership and corresponding food, beverage, toy and CPG spending.
- An there's more from the article here
OH AND GUESS WHAT?
THEY ARE VERY SOCIAL
Social Media Usage Amongst Latinos
Social Media allows Hispanics to stay connected with family not only in the United States but also in their home country. Social media campaigns geared toward the Hispanic community must be tailored toward the target market — each segment of the population has different online habits.
For example:
Ages 18-49
Social Media allows Hispanics to stay connected with family not only in the United States but also in their home country. Social media campaigns geared toward the Hispanic community must be tailored toward the target market — each segment of the population has different online habits.
For example:
Ages 18-49
- Online Habits. 18-49 year olds view online content and social networking sites as a practical resource for their everyday lives.
- Reviews. This age group routinely passes their reviews along to family, friends, and colleagues and are also more likely to pass on or share negative opinions online with them.
- Interconnected. They are more likely to have membership across many platforms (Facebook, Twitter, etc.) They are also more likely to access social media using their phone.
- Online Habits. Today’s Hispanic baby boomers account for an estimated 10% of the US boomer segment and are extremely brand loyal. They go online to access information on the things that are already familiar to them (particular brands, newspapers from their hometown or country of origin, etc.)
- Mix it up. A social media campaign geared toward Hispanic babyboomers must blend traditional media outlets (broadcast, radio, print) with an online component. A great way to implement this is to include a call-to-action in a television commercial for viewers to access the company’s Facebook page for a chance to win an awesome prize.
- Spanish language is key. According to a Latinos Online report from the Pew Hispanic Center, 32% of Spanish dominant US Hispanic adults are online. So having content in Spanish is pretty essential to reaching this segment of the population.
WHY IS IT YOU ARE NOT EMBRACING HISPANICS AS A BRAND - RETAILER OR SMALL BUSINESS?
WHY IS IT....
2 Comments
7/17/2017 07:57:49 pm
Thanks for sharing us a great information that is actually helpful. Good day!
2/25/2018 07:45:06 am
Incorporate in Wyoming! Wyoming is the most preferred one-stop destination for start-up businesses as well as big corporations.
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about bill napier
Bill Napier is Managing Partner of Napier Marketing Group. He has been the chief marketing officer of several small, medium and large companies throughout his career, most notably Ashley Furniture Industries Inc. Many in the home furnishings industry call him an industry serial disruptor. "His thought provoking blog will challenge conventional wisdom, look under the industry’s hood and seek to uncover the critical clues to improving its performance". Bill is also a featured writer and speaker in the retail industry. His vast understanding of the issues retailers and brands face to compete in the digital arena, coupled with his humorous interpretation of his knowledge of trends, facts and solutions for helping companies compete, makes for an engaging and informative session for every brand or retailer that attends his sessions. His passion is to help retail brands & brick mortar retailers grow their business by creating, guiding and deploying successful marketing B2B/B2C solutions integrating traditional marketing with the web/social media. You can see his passion for this at his FREE marketing information website;
www.social4retail.com
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