Hispanic Market Reality and Purchasing Power
How many Hispanic people live in the US currently. Well there are 35.2 million who are here legally and have 100% undebatable legal rights. Of that 35 million; 59.8% were born here or 21.1 million. There are 40.2% here legally who were foreign born or 14.1 million.
That is a hell of a lot of potential customers, isn't it? You could actually have a business and only cater to the Hispanic Crowd to stay in business, think about it?
There are Women only clothing businesses, then there are businesses that only cater to over weight women, with large sizes, which you may say limits your market, right? Is it just that we in the automotive business are so darn lucky to have a business that has more cars than people in it?
Did you know in some states there are 2.2 cars for every man, woman and child? CA is one of them. For every kid there is a police car, school bus, Fed Ex van USPS jeep, think about it. Cars, boats, motor homes, motorcycles, etc. everywhere on every street all needing oil changes, wow. There is an interesting book that you should read if you do not comprehend what I am saying here; "The Hispanic Middle Class Comes of Age" and also read; "Latinos INC.: The Marketing and Making of a People" BY Arlene Davila. Also if you think I am blowing smoke, then you have not been paying attention, check out this web site, they are serious and hungry and they are well on their way to showing us how to pursue our own American Dreams;
http://www.hispanicbusiness.com
Did you know that of the 59.8% of the 35 million Hispanic US Born Citizens 68.7% cannot write or even read in Spanish. Sure they can speak parts of it, but do not kid your self they are as American as the rest of us. After all the largest part of our melting pot came here between 1890s and 1960s. 45% of these people speak English only at home. Only 8.8% speak only Spanish at home, do you get my point so far? 37.7% speak both at home, comfortable with both and can easily assist you if they are in your shop as a foreman or manager, Thus proving why they are able to move up to middle class so fast, you need them and they need you. We need not self-segregate, since the strength of this nation is all about melting and working together. In ages of 14-24 57% do prefer to speak English. The average Hispanic individual spends 17 hours a week watching all English TV, 16 hours a week listening to all English radio, 5 hours reading English media, magazines, ads, newspapers and Auto Traders?
Out of the 197.1 million Internet users 17.6 are Hispanic. 8.1 Billion in online sales annually come from Hispanic buyers. Bilingual Hispanic consumers spend are you ready for this? 398 Billion a year. English only Hispanic consumers 88 Billion, Spanish only speaking Hispanic consumers 43 Billion. What about the future? The Hispanic segment with their strong and close family ties reproduce faster than any other group, nearly 3xs the number as other segments and in 10 years these expenditures are expected to double and then in 15 years quadruple. So think about what this means in terms of your business growth, labor force and future market competitors. Pay attention, do not neglect your customers, their needs or their money flow.
"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs
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