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BizReport : Research : December 05, 2006
Hispanic Market Continues Growth
For the second year in a row, Hispanic advertising agencies continue seeing double-digit growth. Thanks in part to first time ad buyers, expanding into digital areas and targeting English-speaking community members, the market continues to see unsurpassed growth in advertising spending.
According to statistics gathered for Advertising Age’s Multicultural Agency of the Year, Hispanic agencies grew between 11% and 60% in 2006. The winner of the contest will be announced in January.
Online ad spending is growing just as fast. Experts estimate growth of $50 million; putting the online ad spend at about $150 million for 2006.
According to the Association of Hispanic Advertising Agencies (AHAA), buying power in the Hispanic market is also growing. In 2004, buying power was $686 billion. By 2009, Hispanic buying power is expected to be $992 billion, that is roughly 9% of the total United States buying power. Still, some say brands are not doing enough to reach the Hispanic consumer – online or off.
Hispanic Advertising Agencies Fund(HAAF) Chair Carl Kravetz said (">in a statement), “Hispanic marketing is flourishing. Yet still more than 100 of the top 250 television and print advertisers are allocating less than one percent of their total budgets. . .to reaching the influential U.S. Hispanic consumer.”
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Comments
One of the major problems is that marketers have also wrongly considered Hispanics as one large demographic, rather than a largely segmented group that just happens ot be Hispanic. An example is that many media marketers still think that creating online sites in Spanish is the way to do things. Yet it's been found that young Hispanics born in, or having grown up in the U.S., want to consume the vast majority of content in English.
Posted by: Gary Bourgeault (thealphamarketer.com) on December 6, 2006 07:40