Why the Hispanic Market?
As a potential client who strives to improve products and services, reach out to new populations and understand their needs, you may be fully aware of the Hispanic market’s growth throughout the U.S. However, you really cannot fathom the growth of this segment unless you obtain reliable statistics and projections. In this regard, Juárez & Associates can provide perspective.
According to the US Census Bureau1, as of 2009, Latinos represent 15.7% of the total U.S. population, up from 12.6% in the year 2000. This market is expected to grow at a 0.35% rate from year to year and will reach 17.7% in 2015, 19.4% in 2020, 21.2% in 2025 and 23% in 2030. In other words, in approximately twenty years, one of every four people in the U.S. will be Hispanic. This growth will vary from city to city and will be dependent upon several factors, including the job market, migration patterns and cultural anchors, among many others.
The growth of the Hispanic market segment will displace other ethnic groups and will represent new opportunities in everything from consumer products to services. The growth of the Latino population is accompanied by a change in communication methods. Marketing campaigns must now appeal to this segment’s cultural sensitivities and language given that a significant portion of this population speaks only Spanish. It is worth noting that Spanish is spoken more than any other language group (except English) throughout the U.S., particularly in the west and south of the U.S.2, and this trend will continue to grow.
The increasing Hispanic population by no means represents a homogenous group; rather they consist of people from many countries and regions who display their own cultural identity and idiosyncrasies. Hence, this complex and dynamic population is as multifaceted and as segmented as any other major market and requires the same investment in sophisticated research and planning. This requires understanding the cultural meanings throughout Latin American groups as well as the similarities and differences they exhibit.
Why the Hispanic Market?
As a potential client who strives to improve products and services, reach out to new populations and understand their needs, you may be fully aware of the Hispanic market’s growth throughout the U.S. However, you really cannot fathom the growth of this segment unless you obtain reliable statistics and projections. In this regard, Juárez & Associates can provide perspective.
According to the US Census Bureau1, as of 2009, Latinos represent 15.7% of the total U.S. population, up from 12.6% in the year 2000. This market is expected to grow at a 0.35% rate from year to year and will reach 17.7% in 2015, 19.4% in 2020, 21.2% in 2025 and 23% in 2030. In other words, in approximately twenty years, one of every four people in the U.S. will be Hispanic. This growth will vary from city to city and will be dependent upon several factors, including the job market, migration patterns and cultural anchors, among many others.
The growth of the Hispanic market segment will displace other ethnic groups and will represent new opportunities in everything from consumer products to services. The growth of the Latino population is accompanied by a change in communication methods. Marketing campaigns must now appeal to this segment’s cultural sensitivities and language given that a significant portion of this population speaks only Spanish. It is worth noting that Spanish is spoken more than any other language group (except English) throughout the U.S., particularly in the west and south of the U.S.2, and this trend will continue to grow.
The increasing Hispanic population by no means represents a homogenous group; rather they consist of people from many countries and regions who display their own cultural identity and idiosyncrasies. Hence, this complex and dynamic population is as multifaceted and as segmented as any other major market and requires the same investment in sophisticated research and planning. This requires understanding the cultural meanings throughout Latin American groups as well as the similarities and differences they exhibit.
Why Juarez & Associates?
The transformation of the social landscape requires new tools to reach out and cater to the Hispanic market – tools which J&A makes available to our clients. We offer insights based on research that will assist our clients’ understanding of the Latino segments and enable them to tailor their products and services, and expand their reach.
We offer a comprehensive approach to meet specific needs. We create snapshots of local, state, regional or national markets based on census data and secondary sources which identify current and projected trends. We also probe our clients to establish parameters for inquiries and develop customized research designs that respond to specific needs. Each research project varies in depth, depending upon the needs of the client and complexity of the target populations. We collect qualitative and/or quantitative data using traditional and innovative research practices.
For over 35 years, we have acquired experience accessing Hispanic markets and bringing new customers to our clients. We have also helped to ensure that Hispanic consumers are satisfied with the products and services they purchase. Studies of foods, baby products, beverages, household items, big ticket items such as motor vehicles, important services such as banking and telephone, and entertainment services such as cable television and movies are just some of the projects we have worked with in the past.
So now that you have reliable information pertaining to the Hispanic market’s growth, trust Juárez & Associates to help you better understand its unique subtleties and nuances not only through collection of greater market knowledge, but also by allowing us to share more than 35 years of insight to successfully meet your objectives.
Notes
1 Projected Population by Single Year of Age, Sex, Race, and Hispanic Origin for the United States: July 1, 2000 to July 1, 2050, US Census Bureau.
2 According to findings of the 2000 US Census.
