- In 2010, 15 percent of Americans identified themselves as Hispanic.
- By 2025, this number will have risen to 22 percent.
- By 2060, Hispanics are forecast to comprise 31 percent of the U.S. population.
- Economists have observed that if the U.S. Hispanic population were a country, it would rank as the 12th-largest economy in the world, commanding more than $1 trillion in purchasing power.
- Affluent Hispanic households (with an income greater than $75,000) constitute 25 percent of U.S. Hispanic consumers, but wield more than $650 billion or 51 percent of the buying power of the Latino community.
- U.S. Hispanic buying power is forecast to grow at a rate of 48 percent compared to the 27 percent predicted for the entire nation.
I spent my high school and college years as a club DJ. This is back when mixing on vinyl was not a lost art. I was a “hot-mixer,” layering song on top of song to create custom sets of high-energy dance music. The beat never stopped for a moment. I was a “resident” at three clubs, made guest DJ appearances at many others, and did the Friday night “Power Jam” on Wild 98.7 live from my club’s turntables. Over my 13 years behind the mixer, I played every kind of music you can imagine: Euro House and Breakbeat, Hip-Hop and Freestyle, Disco, Swing, Country, Alternative and yes, even Latin.
One thing that I learned is that specific cultures are very loyal to places that support their community. Hispanics are among the fiercest of these loyalists, turning out in force wherever they could whirl to a good Salsa rhythm. Fortunately for direct response, the evolution of digital media and social platforms has made it far easier to focus on Hispanic demographics precisely where they hang out and exercise that fierce loyalty!
I look forward to shaking a few more hands at the D2C Convention this year with a new perspective on the buying power wielded within our U.S. Hispanic community!
Photo by nenetus/FreeDigitalPhotos.net
Cory Bergeron is founder of Pitch Video.