The US is now the 2nd largest Hispanic population in the world

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A new paper from E-Tech shows that the U.S. Hispanic growth is no longer fueled by the traditional immigration flow from the past, but by new births. The US is now the 2nd largest Hispanic population in the world, according to an analysis and report by Multicultural Marketing Resources, showing the projected totals by 2050 to be over 131 million. According to this number, Hispanics will then constitute 30% of the nation's population.

Hispanic households across the United States will sharply increase their economic clout over the next ten years and beyond. This demographic explosion has continued since 1990 and there is no let up. Go to Wal-Mart, Best Buy, Sears, K-Mart, to name a few stores, and you will see many Hispanic families loaded with consumer goods. The fact is, Hispanics. This is not a debt-ridden community. For years they learned the hard way that to have something, one has to earn it and save. Credit card companies solicit many Hispanic households.

According to the National Immigration Forum, says the report, in addition to consumer spending, "immigrants and their businesses contribute $162 billion dollars in tax revenue to federal, state and local governments." They work in key sectors, start their own businesses and in general contribute to a thriving economy. They love to buy and almost always buy in cash.

But the U.S. Hispanic market is not homogeneous. It is a market "comprised of subcultures from over 20 countries in Central and South America, the Caribbean and Spain, 63% of Mexican heritage." While there are many differences in their countries' geographies, their indigenous ancestries and their colonial histories, the unifying factor in this market segment is the Spanish language.

Hispanic market research has discovered that of the Hispanics surveyed, they prefer ads to be in Spanish over English, even though the younger group is more comfortable in English. In addition, research shows that Hispanics like any type of media, but prefer television and radio. Radio is a very effective medium to reach Hispanics because it has been found that they tend to listen all day, says the report.
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