In response to the 06-02-09 press release on Univision.net on how the consumer views today’s economy, we can see that not only is the Hispanic consumer more apt to being positive about the future of our economy than non-Hispanics, but Latinos in general have remained consistent in their confidence rating.
As a business owner or advertiser, it is general knowledge that to obtain maximum profits, one should target the majority or market segments that are in expansion. And according to the US Census Bureau it is apparent, that as time goes by, in more and more cities the majority is slowly becoming the Hispanic consumer. Maybe it’s the “American Dream” ideal that this group is keeping faith in, but as a business owner or advertiser, it is important to note that the Hispanic attitude towards the current economy remains constantly steady. With the help of Experian® SimmonsSM, marketers are able to obtain a week-by-week view of not only purchasing patterns of Hispanics, but the overall Latino attitude. With over 50 million Hispanics in the United States, it is clear to see that the population continues to rise each year.
According to Experian® SimmonsSM, the Hispanic community may also have a more positive view of our economy, and their own wallets, because only 45% of Latinos have and/or use credit cards; a significant difference from non-Hispanics, who are at 71%. They are also more likely to use cash instead of credit cards, and therefore are not bombarded with as much stress from debt. When it come to prescriptions, the Hispanic purchasing patterns exhibit a preference towards branded prescription, and are twice as likely to purchase them than the non-Hispanic community. Because of this they are consistent frequent shoppers and are prone to buy from an advertiser.
Although unexpected, the Latino optimism increased after the September 2008 meltdown. While other populations were concerned, the Hispanic attitude remained high. Not only are they remaining positive about the general economy for the coming twelve months, 34% of Hispanics are optimistic about their own finances in the coming year; as opposed to only 25% of non-Hispanics. Because of this, you can be sure, that by focusing on the Latino community, you will not only increase your revenue, you will also obtain a loyal customer base.