Top 10 Reasons To Do Hispanic Market Research

Top 10 Reasons To Do Hispanic Market Research

1. $736 billion in 2005...and growing

Hispanic purchasing power reached $736 billion in 2005.

2. $1 trillion by 2010

Hispanic purchasing power is projected to reach $1087 billion by 2010. This number represents almost 10 percent of all US buying power.

3. Hispanics spend more than other groups

Hispanics spend, on average, $300 more per year on food and $250 on apparel products and services than the general market. Hispanic market research projects can focus on finding out if certain products or services are preferred by Hispanics.

4. Reach over 50.5 million Latinos

The nation's new count of 50.5 million Latinos, whose massive expansion accounted for more than half of the nation's overall growth of 27.3 million people

5. 16 % of US population in 2010

The country's second-largest group. Nearly one person out of every six in the United States is of Hispanic origin.

6. The Hispanic population grew 43% since 2000

By the year 2020 the Hispanic population is projected to reach 53 million. The fastest growing minority group in the United States.

7. 118.9% in 20 years

The Hispanic population in the United States is expected to have increased by 118.9 percent between 1990 and 2010.

9. ¿Habla Español? 75%

Nearly three in four of all Hispanics prefer to speak Spanish at home. While Hispanics all speak Spanish, the Spanish spoken is different between countries. It's crucial to reach this population in a neutral Spanish that is understood by all.

8. Where are you from?

Hispanics in the U.S. include people from as many as 20 different countries, including countries throughout South America, Central America, the Caribbean, Mexico, and (of course) my country of origin, Spain.

10. Salsa!

Americans now eat more salsa than ketchup. OK, maybe this is not a top 10 reason, but it's just an example of how rapidly the Hispanic market is growing in the U.S.

So the question is not really why you should target this segment. If you want your business to be successful, the question is when and how you are going to target Hispanics.