Friday, September 23, 2005

Because I'm a Marketing Nerd....


• “Between 2000 and 2001, half of all new consumers in America were Hispanic.” 1

• "Miami is quickly becoming the biggest offshore center for private banking and real estate. Historic low interest rates and perceived stock market instability have further pushed high net-worth South Americans, fleeing political strife, to put their money not just in Miami bank accounts, but increasingly in residential and commercial real estate..." 2

• “Dollars spent by advertisers in the Hispanic market may be more profitable than dollars spent in the general market…” 3

• The US Hispanic market is richer than any Spanish-speaking country in the world, with purchasing power of $580 billion. 4

• Hispanics are an attractive marketing audience because they tend to spend more of their disposable income on goods and services than non-Hispanics. 5

• For US Hispanics, advertising in Spanish is five times more persuasive than advertising in English. 6

• Hispanic household income has doubled during the past decade and US Hispanics consume more products per household than non-Hispanics. 7 Top categories include: automotive, telephone, cellular, food & beverage, personal care, and apparel. 8

• Hispanics read magazines at the same rate and for the same amount of time as non-Hispanics (between 66% and 68%). They are the group most likely to read print media. 9

• “Hispanic magazines in the U.S. are gaining ground. In 2003, advertising revenue surged by 23.7% and the number of ad pages increased 6.5%... according to Hispanic Magazine Monitor...” 10 far outpacing growth of general marketpublications. 11

• "The number of Hispanic households earning more than $100,000 a year grew 126 percent between 1991 and 2000,compared to 77 percent for the general American population.” 12

HISPANIC PURCHASING POWER1 Association of Hispanic Advertising Agencies (AHAA), “The Right Spend II”2 Charles Davis, Private Banker International, July 2002 US Hispanic Market3 USA Today4 The Selig Center, Terry College of Business, April 20025 Magnet White Paper “Marketing to the U.S. Hispanic Population, Part I: An Overview”6 Roslow Research Group, “Advertising Effectiveness Among Hispanics”7 Bureau of Labor Statistics, Division of Customer Expenditure Survey8 The Hispanic Consumer Market Report, DRI/McGraw-Hill9 Strategy Research Corporation, 2002 US Hispanic Market10 Hispanic Market Weekly, January 19, 200411 Media Economics Group12, “Affluent Hispanics” Jul 11, 2003
- Subha B arry, Multicultural and Diversified Business Development Group , Merrill Lynch

404 Washington Avenue, Suite 650 • Miami Beach, Florida 33139 • Tel: 305.532.2544 Fax: 305.531.2132


Joke said...

What have I been telling you all these years?

-Joke, who knows

Anonymous said...

All of this sounds great. Listen too much to mainstream media and you will think that there is no progress in the Hispanic community.

I might highlight this info on my site


Tremenda Trigueña said...

Joke-Thanks papá querido, I should have listened to you all this time.

Duane-thanks for keeping the knowledge flowing on your site. I haven't had a lot of time to read blogs lately, but I know you are holdin' it down over there!

***The reason I get so pumped reading this stuff is it truly proves the power the Latino community holds in it's pockets and we no longer have to "esconder la mancha de platano" but we can show it with attitude. It used to be that we had to hide our ethnicity, whatever it was so that we weren't too "exotic" for people. Now the tides have turned and they are trying to tap into that sabor a melao we have known about the whole time. And for everyone that knows me, you know that I wasn't born with a Spanish surname and neither was anyone in my family. I was, however, born with an "ethnic" look that made me Mexican on the west coast or just "brown", the Cubans swear I'm a cousin, and in New York I'm Boricua. Those people were there for me when I was growing up, and my debt to the Latino community just continues to here I am.

Joke said...


It's a weird thing because being here in Miami the ethnicity--at least by the time I was old enough to notice--is not really an issue*.

One thing that's funny is that because all my ancestors--we'll leave the weirdo Sicilians out for now--came from North Spain (Asturias, for those who get Nat'l Geographic) I don't have the look a lot of people in the USA associate with "Hispanicity"** but my name might as well The Flag Of Spain (or Cuba).

Having said that, the financial/material success of Hispanic individuals (individually and in aggregate) has a gazillion different factors, but the most important one is that the Hispanic business/professional community didn't believe that to assimilate into the American culture meant jettisoning their heritage. In this case, being Hispanic was/is a HUGE plus.

If you get truly bored and want to know more, ask me y to sabes que yo me lanzo.


* Now, that doesn't mean that it's Utopia and people are all sweetness and light and there are no weirdnesses under the surface.
** Ma-a-a-a-a-a-any funny stories attached to that.

Tremenda Trigueña said...

Well, for Miami it's not the case..which is why I am so interested in it not only from a business perspective, but from a socio-ethnic perspective as well. I, on the other hand, am in "la casa de quimbamba" como dices, and things are just barely getting off the ground for Latinos out here. In the 80s and 90s when I was growing up, my Irish-American father was furious and dumbfounded as to why his daughter would associate herself with Mexicans/Puertoricans/Pacific Islanders. He thought when people saw me in a group of Latinos that I stood out like a sore thumb...yeah, not so much. I didn't choose this, it chose me and I went with it. Now some 15 years later, learning Spanish and understanding Latino culture is "profitable" and my father understands it a little better.

All those people who made fun of me for running with those "working class Hispanics" are taking crash-courses in Spanish to cater to their clientele and I am a seasoned, flourishing ambassador between two (or more)cultures. I have to tell you, it feels good to be ahead of the game. I won't say I had foresight when I was 13 listening to Chicano rap and El General, but I will say I was in the right place at the right time with the right look and attitude. I am a sponge for knowledge and I continue to be so.

Joke said...

Hispanics in Miami are in an enviable position for a number of factors. Partly is the mindset. There was a great article written in one of those fringe-left magazines. It was great because the author stumbled on the truth accidentally while trying to "slam" those Radical Right Wing Cuban Maniacs. And it was this: Cubans did not come to the USA with the mindset of immigrants but rather exiles. The author compared Cubans to the White Russians, seemingly as an insult but actually not.

Also, the Cuban immigration was a top-down affair; so you wound up with people cleaning houses and "dumpster diving" who had been doctors or accountants. When you combine that with the different mindset it creates an environment that is ripe to cater to high-net worth individuals from South America, or to bridge commerce from here to there.

I know this because this is EXACTLY what makes my business go. All of my clients are either LatAms trying to do business here or Americans trying to crack the market down there. All of these people could go to some fancy consulting firm in NYC or LA, but they know that Miami is the place where they can find people who will be both highly professional AND culturally fluid.

Mind you, this doesn't mean that Cubans are any better than Spaniards or Argentines (ANY Argentine will tell you otherwise!) or Mexicans or Bulgarians or whatever. Just that a certain set of factors came together to produce this situation.

Esto es complica'o. Sling me an email if you want to know more.


Tremenda Trigueña said...

Would love to shoot you an email if I had your email addy...mine is