This blogger carefully and strategically follows the Hispanic Market Weekly. This is the leader and authority on the United States Hispanic Market and Media and keeps me in tune with the market, the trends and how the number one growing consumer in the United States is making his or her purchasing decision each and every day.
It is interesting to me that there are “groups” and now “subgroups” of Hispanic Consumers and categorized by income ratio and affluence status.
When I was in Spanish Language Television advertising there was one group. Hispanic. Period. I remember promoting the market segment and chasing the consumer in the Spanish language based market, and the reactions I would get; rolling of the eyes, and a sigh, as though I were standing on a soap box preaching the market value. I also lived at the time, in Central California and was in the heart of the agricultural community, so it stood to reason that I was promoting a market segment that was significant for my geographical location.
I no longer reside in California, and now find myself in one of the largest states in the country, and interestingly enough, predominantly HISPANIC. I still get a rolling of the eyes and the sigh, whenever I tap into this topic, ignorance is bliss I suppose.
The Hispanic Market Weekly report for this week was right up my alley. Travel and Tourism. This report showed that airlines were leading the travel industry in spending. Through the first three quarters of 07’ the top 10 airlines invested just short of $20 million in Spanish language advertising, with a majority of those allocated funds dropped into television. Spanish Language Network Television. What is interesting to note here is that while the consumer is being targeted through television, in truth, according to a recent Com-Score study, released by Terra, the Hispanic consumer is spending more time online than watching television.
While we ignorantly suspect that the Hispanic is not technologically savvy, market analysis and trends speaks volumes to the contrary. In truth, they are the growing middle class of America, and they are far more prone to purchase and use the newest in technology, than any other demographic today. Hispanics own cell phones at a rate of 94%, text at a rate of 86% and 60% or more own more than four electronic devices, including 70% in Blackberry Phones (this bloggers personal favorite media device).
More interesting to note, 1 in every 4 teenagers today, the future consumers in the country, is Hispanic. They are raised in a Spanish Language based household and are therefore fluent in more than one language, though invariably choose to research, assess and process information in the language of the household most predominant…..Spanish.
So, what does this mean to travel and tourism? Latino entrepreneurs and those affluent Latinos are gaining in importance of market and branding and advertising. They are visiting friends, and relatives throughout Mexico and Latin American countries. They are maximizing the incredible value of the affordable travel trend occurring because of the downturn in the economy. They are taking children “home” to experience the Mexico their parents know and love and to teach them the value of the culture and history of their ancestors. More interesting, these Latino’s are using Expedia, Orbitz and Travelocity to book these trips.
This blogger is onto the brainstorm of the century and looking for a way to make a difference the world over with the Hispanic Community, and this market analysis only serves to validate the direction and concept of what the future holds in marketing and advertising and how a difference can be made, one vacation at a time.