Hispanics Now Second-Largest Consumers in Nation
The implications of the 2010 Census, which estimates that the Hispanic population stands at around 50 million, count in more ways than one. The Hispanic population of today is beginning to mirror the baby boomers of yesteryear.
Hispanic families in 2010 are looking more and more like the “idealized concept of 1950s America.” Data shows that the median age for Hispanics is quite young and similar to that of the whole nation in 1955. Hispanics are moving to the suburbs and live in traditional, married-with-children households. They have high aspirations for their children and are highly community-oriented.
That makes Hispanics a prime market for consumer goods and services similar to what the baby boomer market was in the 50s.
It is Hispanics who will begin to fill in the consumer gap created with the baby boomers beginning to retire by the millions within the next decade. The challenge lies in figuring out an effective marketing strategy geared towards a market that is acculturated and bilingual but also feels a deep sense of Latino identity.
As consumers, Hispanics are becoming a major force to be reckoned with. With Hispanics accounting for one in six U.S. residents, consumer-spending growth over the next decade and beyond will be propelled by this population. While other segments of the population are slowing in growth and characterized by aging, younger and larger Hispanic families are the future of growth in consumer spending more than at any time in the past.