By Raul Aguirre
Rea Media Group
The demographic composition of the United States is changing and many of the changes happening now will have a great impact in the consumer market. Particularly, in the relationship between African-American and Latino business and institutions.
One of the primary examples is what I call "The point of market intersection between Afro-Americans and US Latinos". It seems to be oblivious to many, obvious to me.
Here are some of those Scabies Que/Did you Know points to shed some light
Into what is ahead with these two consumer groups.
The sheer growth of the Latino demographic and its purchasing power has
Begun to interject with the African American Market in a variety of industries Entertainment- Film, Music, Art and Education, and in popular culture; be it fashion, food, or footwear
U.S. Hispanic purchasing power stands at $700 billion and is projected to reach $1 trillion by 2010. Current Hispanic purchasing power is 8.5 percent of total U.S. purchasing power, but will reach 11 percent by 2010. The $700 billion estimate does not include revenue generated by undocumented workers in the United States or by the more than 4 million People who live in Puerto Rico.
Did you know…..?
The number of prosperous Hispanic households? — Those with incomes of at least $100,000 — rose 137 percent between 1990 and 2000.
* In 2002, the 10 states with the largest Hispanic markets by spending power were: California, Texas, Florida, New York, Illinois, New Jersey, Arizona, Colorado, Georgia and New Mexico. The states with the fastest-growing Hispanic populations are: Nevada, Washington, Oregon, Massachusetts, Virginia, North Carolina and Florida
*You must look at the Hispanic/Latino explosion, that’s the direction that the urban market is moving in. the "fusion of cultures," and the resulting emergence of music styles such as Latin hip hop.
"For the last 20 years, urban marketing has evolved around
African-Americans, for the next 20, it will be driven by Hispanics/Latinos." (David Morrison, TWENTYSOMETHING INC. consulting firm to Heineken & Coors)
“More Latinos are attending Black Colleges than ever before, changing the way student bodies’ look, expanding dance music at parties, and in some cases Latino Professors in the Faculty.” (-The Boston Globe, November 26, 2004)
From 1976- 2001 (most recent data available) the number of Latino
Students enrolled in Black Colleges have doubled. This has had a dramatic effect on the student body composition, for example on the Texas Southern University Campus the rise of Latino enrollment has made them the leading University with largest Latino student population of any Black College, with about a 5% of the ENTIRE undergraduate population.
While Latinos make up about 15 percent of the U.S. population, they represent 28 percent of today’s heavy moviegoers. Almost half of Latinos age 12 to 34 watch 11 or more movies a year (compared to 7 for whites and 8 for African-Americans), and half like to see movies within the first 10 days of release.
So what are they watching? Family and action adventure films are popular, but Hispanics command the highest share of audience in the horror/thriller and romantic comedy genres.
Hispanic households are 24 percent more likely to purchase DVD's than the average American household. It’s been estimated that over 1/3 of all hip-hop & “oldies” music sales comes from the Latino Consumer. In this case, from the younger demographic who prefers the first one, and third and fourth generation who prefer the latter. Interracial unions are also on the rise, by 2000, the census showed interracial couples including those in which one person was of Hispanic origin made up 7 percent of marriages and between 13-15% of household with unmarried partners.
Raul Aguirre is a Tucson based consultant, broadcaster, and media producer and director. He is the President/CEO of REA Media Group, a full service advertising agency.
www.realatinoadvertising.com
reaadvertising@aol,com
