Business Growth and sustainability
are hispanic!.
IF ThE U. S. Census Bureau is right, and it usually is, by 2040, 51 percent of the total population of the U.S. will be multi-cultural, of these, 56 percent will be hispanic. From a marketing perspective, a large percentage of these consumers are already here. Right now, 50.1 percent of U.S. children aged three and under, are non-White and that doesn’t include babies in Puerto Rico. These young multi-cultural consumers have already joined the marketplace. Together with their pre-teen, teen, and young adult siblings, they are not only developing their product preferences, but they are also using traditional and social media programs, choosing their music and entertainment outlets, their favorite sports, and so on.
In other words, the 2040 “future” multi-cultural customer, patient, client, home buyer, new mom, loan applicant, student, business market is already here, building loyalties, preferences, and consuming. The hispanic consumer over-indexes exponentially in the young consumer age segments, and therefore, will also be significantly over-represented by 2040, when the total hispanic population is projected to reach 108 million compared with African Americans at 50 million and Asians, at 31 million. Combined, hispanics, African Americans, and Asians, add up to 213 million. The mostly White, non-hispanic, aging, retired baby boomer population will be composed of 205 million people, who are expected to be significantly less active in the marketplace due to age.
As we know, consumers begin to acquire their likes and dislikes at an early age, mostly through their parents, siblings, peers, family friends,and grandparents—in other words, though their cultural communities, which I have labeled “in-culture” for lack of a better term. It follows simple math and logic that every business in America that expects to be successful and thriving in 2040 has to invest to appeal to and win these consumers and their families.
Otherwise, why or how will they build deep and lasting “emotional connections” with your brand? Why would these consumers purchase your brand, or go to your bank or visit your clinic or hospital, attend your college or university, if you are not a part of their personal network and cultural community? If you are not close, inviting, and talking to them, in a cultural language that is meaningful and resonates with them? Why would they spontaneously start consuming your brand of beverage, or patronize your restaurant, go to your bank, or hospital if you don’t invite them—or their parents or grandparents—in?
Download: WIN! the hispanic Market