The U.S. Hispanic market is growing in size and in influence due to its predicted purchasing power and enthusiasm for buying products advertised on TV! Marketers are now taking greater notice of this growing market, and reaching it successfully by “speaking its own language”!
FAST FACTS: U.S. HISPANIC MARKET
- There are nearly 46 million Hispanics in the U.S.
- Many are multiple-income families
- Are less likely to carry large mortgage or credit card debt
- Eagerly buy products and services advertised on TV
- On average, Hispanics spend a far higher percentage of their disposable income than the non-Hispanic U.S. population
Source: Experian Simmons research
While ratings at the “big 4” English-language TV networks (CBS, NBC, FOX, ABC) are flat, the top 3 Spanish-language stations (Univision, Telemundo, TeleFutura) are up by almost 22% for the coveted 18-49 demographic. (Source: Business Week 4/9/09).
“According to Nielsen’s projections, the top CPG growth categories in 2020 will include ethnic health and beauty products, medications and remedies, health aids, vitamins and cooking essentials…What’s driving the changes? According to Nielsen, the category shifts are directly tied to the changing face of American consumers.” (Source: Nielsen.com 5/12/09).
Not surprisingly, many of the top U.S. consumer products companies are putting much of their Hispanic marketing budgets into Spanish TV ads, with good results.
What’s next?…Fragrance products specifically designed for the U.S. Hispanic market? Typically, in Latin American markets, fragrance preferences have gravitated toward very bold, recognizable “signature” scents, in both fine fragrance and household products.
But with the current trend in the U.S. evolving around greener, fresher and more natural scents, we must not neglect the tastes and preferences of nearly 1/6 of our country’s population…particularly when that sizeable group likes to shop!
Fragrance Insights 