Fueled by immigration and population growth, Hispanic buying power will reach $1.2 Trillion by 2011-about six times what it was in 1990- according to an estimate by the Selig Center for Economic Growth at the University of Georgia in a study released last year. The “Center� estimated Hispanic buying power will be just over $860 Billion in 2007, an 8 percent increase from 2006.

If that proves accurate, the Hispanic community will top all minority groups in purchasing power. Companies, developers and investors are taking notice. Advertisers spent more than $3.3 Billion to market products to Hispanics in 2005, a nearly 7 percent increase from 2004, according to Hispnaicbusiness.com. The Hispanic Market is HOT!

This growth is not lost on major companies in the Wisconsin market. In particular, the spending power of residents within a threemile radius of South Cesar E. Chavez Drive and West National Avenue on Milwaukee’s south side is estimated at $675.1 million annually on retail purchase alone, according to a study by the University of Wisconsin-Milwaukee Employment & Training Institute. Furthermore, residents with the 53204 zip code on Milwaukee’s south side spend approximately $91 million each year. The Hispanic Market is HOT!

Hispanics hail from more than 20 different nations with countless dialects, different skin colors and varying tastes in food and music. Therefore, the Hispanic Market is diverse and as been described as a “culture of many cultures�. However various segments of the Hispanic market share beliefs and behaviors that can be leveraged to create communication and product offerings that resonate with Hispanic consumers.

A quick cultural overview – As a starting point to understanding the Hispanic marketplace, it is useful to have a few basic facts. Hispanic households tend to be larger and younger than non- Hispanic. Hispanic households are more likely to include multigenerational family. 53 percent have children in the home which is 66 percent higher than the general population.

Beyond their demographics, research shows that the Hispanic community shares at least three broad cultural characteristics which marketers should be aware. Specifically,

1. Focus on Family & Home – They often shop as a family and make purchasing decisions collectively.
2. Hold Traditional Values – Hispanic embrace cultural traditions, embrace their local community. For many particularly older Hispanics, conservative and family-oriented marketing resonates well.
3. Are Media Friendly – They read local newspapers, listen to radio, rely on magazines. They are also quite receptive to TV advertising and tend to remember ads when shopping.