How to Win the Hispanic Gold Rush Book Overview Book Contents About the Authors Buy This Book
by Francisco J. Valle, Judy M. Mandel | Publisher: iUniverse.com (October 2003) | ISBN: 0595658369
www.hispanicgoldrush.com

Hispanics will energize the U.S. consumer market as never before.

How to Win the Hispanic Gold Rush™:
Critical Cultural, Demographic, Marketing, and Motivational Factors

The California Gold Rush of the 1850s produced great financial rewards for those visionaries who anticipated the needs of a promising market and seized the opportunity. We are currently at the beginning of another great business phenomenon—“the Hispanic Gold Rush™” of the 21st century.

The phenomenal growth in the number of Hispanics in the United States between 1990 and 2000 caught even the most sophisticated demographers off guard. During this decade, according to Census 2000, the Hispanic population grew to 35.3 million, an increase of almost 58%. This figure did not include the 3.8 million Hispanics living in Puerto Rico. During this same 10-year period, the non-Hispanic population increased by 13.2%. In the year 2000, Hispanics comprised 12.5% of the U.S. population, and blacks, 12.6%. By the year 2000, one of every eight people in the U.S. was of Hispanic origin.

THE HISPANIC POPULATION IS GROWING EXPONENTIALLY

Even more astounding was the exponential increase in the number of Hispanics between 2000 and 2002. Updated population estimated figures released in June 2003 by the U.S. Census Bureau indicated that the number of Hispanics jumped nearly 0.8% to 13.3% of the U.S. population. The Hispanic population had experienced a 9.8% growth rate since 2000, versus 2.5% for the nation. Hispanics accounted for more than one half of the total U.S. population growth between April 2000 and July 2002. Hispanics officially became the largest minority group in the country. Keeping step with this growth in population size is the rising median income of Hispanics.

In the 10 years prior to the beginning of the 21st century, the median income of Hispanics increased faster than for any other segment of the population. Between 1990 and 2002, their overall buying power grew by 160%. It is projected that by 2007, it will exceed the 1990 value by 315%. Meanwhile, non-Hispanic buying power will increase 121%. Hispanic buying power in 2005 will surpass black buying power, $764 billion vs. $760 billion, respectively.

HISPANICS HOLD UNLIMITED GROWTH POTENTIAL FOR BUSINESSES

The combination of the escalating number of Hispanics and the unlimited market potential they represent for U.S. businesses is what led Francisco J. Valle, the co-author of this book, to refer to this phenomenon as “The Hispanic Gold Rush™.” Government agencies and profit and non-profit organizations have recognized the possibilities of this market and have made its penetration a key component of their strategic growth plans.

Organizations are certainly trying to do all the “right things” to leverage the potential that this market offers. Many businesses have developed products or services tailored specifically for the Hispanic market. However, in spite of their massive investments of effort and resources, many businesses have experienced only limited success and have not gained the loyalty they expected from Hispanic consumers.

This book explains:
the reasons why many organizations have had little success in marketing to Hispanics in the United States
practical tools to help businesses better direct their resources to succeed in this challenging marketplace
demographic data about the Hispanic population
valuable information about cultural and motivational traits that are unique to Hispanics and that determine their purchasing decisions
four potential steps organizations can take to significantly and effectively increase their sales to this important ethnic group

Hispanics will not join the mainstream market as fast as other ethnic groups have done in the past.

 

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