In the past few decades, the Hispanic market has outpaced the overall U.S. population in growth. The latest census shows that the Hispanic population of the U.S. has reached a new milestone, topping 50 million people in 2010. Latinos accounted for more than half of the nation’s growth since 2000, and it is projected that by 2050 the Hispanic population will reach about 130 million.
About 66 percent of U.S. Latinos would be more inclined to buy products and services from companies that demonstrate a strong and visible connection to the Hispanic community, according to a survey conducted by consulting firm Garcia Trujillo.
Yet this demographic segment’s diversity poses unique challenges for marketers who hope to tap into this growing and increasingly affluent roup. The U.S. Hispanic population has a larger gross national product (GNP) than Mexico, and has its own music, art, lingo, and food. This also varies by geography in the U.S. The Hispanic culture in Texas is different from that in California, which is different from that in Florida, for instance.
Retailers and shopping center owners are responding to these challenges with marketing campaigns specifically geared to the psychographics and needs of Hispanics.
To further the cause, ICSC is hosting its first Hispanic Markets National Conference Dealmkaing and Trade Expo August 1-2 in San Antonio, Texas. The event will provide the opportunity for owners, developers, brokers, retailers, financial institutions and product and service providers to come together, conduct business and share ideas.
“If you want to grow your company, or even keep it afloat, you must begin to adapt your business and marketing strategies to embrace Hispanics as a significant part of your customer base,” said Juan Guillermo Tornoe , a partner at Austin, Texas–based consulting firm Cultural Strategies. Tornoe will present at the conference in a session titled ‘What you need to understand about America’s largest minority.”
Additional sessions include “Marketing and leasing Hispanic-oriented properties,” “Designing shopping centers for Latino customers” and “Developing mixed-use projects in Hispanic communities.” Speakers will include Henry Cisneros, executive chairman at Los Angeles–based CityView and 10th Secretary of Housing and Urban Development (HUD) in the administration of President Bill Clinton from 1993 to 1997; Louis Sullivan, owner and CEO of Aurora, Colo.–based Sonora Entertainment Group, LLC /Cinema Latino; Rakesh Kochhar, Associate Director for Research at the Pew Hispanic Center in Washington, D.C.; and Gabriel Sanchez, Dallas Region Director of the U.S. Census Bureau.