Hispanics Wield $950M in Spending Power

CHICAGOHispanics account for 15 percent of the U.S. population and wield more than $950 billion in spending power, according to a new report from SymphonyIRI Group, Inc. and Synovate. The analysis predicts that spending power will increase to $1.2 trillion by 2012.

The HispanicLink" report compares shopping preferences and motivational drivers among Hispanic households to help CPG marketers focus efforts effectively and efficiently. The report provides analysis of Hispanics shopping habits, cooking, eating and drinking behaviors, health and wellness practices, and media preferences.

CPG retailers and manufacturers need to have a better understanding of Hispanic consumers to effectively focus their marketing efforts and win at the shelf," said Bob Tomei, president, Consumer & Shopper Marketing, SymphonyIRI. This is no easy task when considering the complexity of the Hispanic population, so the HispanicLink report breaks down this multifaceted group in terms of acculturation, language preference and attitudes and examines their shopping patterns and motivations. Retailers and manufacturers no longer have to take a one-size-fits-all approach with Hispanic consumers and can leverage these insights to develop targeted marketing programs."

The HispanicLink report addresses many business issues, including how to pinpoint key purchase influencers, and can help allocate marketing spending across different avenues, such as in-store promotions, coupons and between television, radio and Internet advertising. It examines the importance of health and wellness as well as meal and flavor preferences, such as reading nutrition labels, cooking habits, eating fresh, frozen or canned foods, and dining out. Shopping outlet preferences also are highlighted as well as budgetary concerns, kids influences, willingness to try new products and affinity to store versus national brands. The report also contains a survey and shopping basket analysis component.