Monday, June 21, 2010

The New General Market

Significant trends are confirming the existence of an exciting and interesting dynamic taking place. Today's multicultural segments are combining to form a unique 'general market'. A recent article in AdvertisingAge sheds some light on these shifts.

"Within the next three decades, Hispanics, African-Americans, Asians and other minorities, as well as young consumers, will become the country's new majority," Jeff Bewkes, Time Warner's chairman-CEO, recently said in an internal memo calling for a company-wide revamp of multicultural initiatives under the heading, "The Multicultural Key to Our Growth."

But beyond the sheer numbers -- there are 103 million Hispanics, Asians and African-Americans that currently make up one-third of the U.S. population, and are projected by 2042 to become the majority of the nation's population -- this new majority will be a young, diverse group that consumes media very differently.

Their preferences, tastes and ways are influencing what is now known as the "general market." And it is with this "new majority" in mind that some of the nation's largest marketers are shifting the way they speak to multicultural audiences, shaping their messages to address a group that is increasingly complex and diverse.


Wednesday, June 16, 2010

A Young and Active Audience

In 2014, eMarketer expects that 70% of the Hispanic population will be online, up from almost 60% in 2010. Thanks to a robust rate of growth within this general population, the online population will grow by nearly 10 million people between 2010 and 2014, to 39.2 million. As the results of the 2010 census are made public in early 2011, those figures may increase even more.

“This online population is young and thriving,” said Lisa E. Phillips, eMarketer senior analyst and author of the new report “Hispanics Online: Demographics and Media Usage.” “They frequently use social media, message boards and sports sites.”

For the full article...

Wednesday, June 9, 2010

Hispanic Food and Beverage Market to Continue Aggressive Growth Through 2014

Hispanic tastes
(Image Source)

NEW YORK, NY - The expanding appetite for Latino cuisine among non-Hispanic Americans, combined with the rapid increase in the United States' Hispanic population, will be a boon for the $7 billion Hispanic food and beverage market, helping to drive sales to $10 billion in 2014, according to Hispanic Food and Beverages in the U.S.: Market and Consumer Trends in Latino Cuisine, 4th Edition, the latest market research study by publisher Packaged Facts.

Along with population growth, buying power within the Hispanic population is expected to increase significantly in the next four to five years. Packaged Facts projects that the buying power of Latinos will reach $1.3 trillion in 2013 up from $984 billion in 2008, representing a cumulative growth rate of 31%. In addition, Hispanic shoppers spend significantly more than other groups on food consumed at home, due to the importance of family mealtime and larger family units.

Packaged Facts separates the Hispanic food and beverage market into three segments: Mainstream Mexican (tortillas, salsa, tacos, burritos, nachos, refried beans, Tex-Mex cuisine, and other products that have become part of the American culture); Authentic Hispanic (products either imported from Hispanic countries to the United States or products made domestically that use traditional recipes); and Nuevo Latino (products with south-of-the-border flair, including traditional American foods made with Hispanic ingredients, as well as unique new creations that meld a variety of Hispanic flavors and food traditions).

For the full article, click here.