Welcome to the Kleber & Associates blog! Minority group shows incredible purchasing power. Here’s the latest.
Emerging still as the largest minority group in the U.S., Hispanics are responsible for more than half of the population increase during the past 10 years. The Census Bureau is expected to release numbers within the week about the nation’s population and the groups that compose it, but the numbers are estimated to be significantly higher than earlier projected.
A story from AP says “racial and ethnic minorities are expected to make up an unprecedented 90 percent of the total U.S. growth since 2000, due to immigration and higher birth rates for Latinos.”
K&A published a white paper in 2009 about Hispanic American’s influence on not only our culture but consumerism. As the largest minority group in the country – a group of now 50 million – Hispanics represent a rapidly increasing purchasing power… more than $1 trillion.
For those of us in the home and building products channel, Hispanic Americans are a highly-targeted group, as they have both population and purchasing power on their side – more so than any other minority group in the U.S. All consumer product marketing, for that matter, should pay special attention to their audiences, what they think and how they buy. Because there is a wave of newer influence from powerful minority groups, marketers must ensure the appropriate messages are reaching them.