The Latino boom has been upon us since the 1980’s and corporations are increasingly cognizant of the strategic value of this population segment for business growth and shareholder prosperity.
Miami, FL (Vocus) October 27, 2010
Geoscape revealed today at its 7th Annual Multicultural Marketing Summit the 2011 series of its American Marketscape DataStream (AMDS) which reports several compelling facts and trends on the evolution of the American economy and cultural make up. For several years, business and political leaders have been aware of the growing importance of Hispanics as a population sector in the United States. Geoscape revealed facts in the 2011 series that show explicit support for elevating the discussion on investment across industry and public service forums.
The data points included in the AMDS executive summary report include:
- Hispanics, Asians and African Americans represent more than 80 percent of American population growth.
- Hispanics contributed 52 percent of population growth since the year 2000.
- Hispanics form 16 percent of the population but nearly 50 percent of consumer spending growth in 2010.
- Hispanics plus Asians contributed two-thirds of annual spending growth in 2010.
- There are 326 counties where ethnic minorities form the majority of the population—many of the largest counties in the nation, such as Los Angeles, New York, Chicago (Cook), and Santa Clara (Silicon Valley).
- 80 percent of Hispanics are bilingual and about 20 percent are dependent on English or Spanish.
- 92 percent of retirees are non-Hispanic and American’s depend increasingly on Latino taxpayers.
- Increasing levels of naturalization and second or more generation Hispanics along with trends in voter registration will result in an increasingly important electorate—politicians will cater more and more to Latino interests.
- Due to their younger age, longer life expectancy and robust spending, acquiring a customer today means that Latinos and Asians are worth far more than non-Hispanic whites—Asians are worth over $3 million in consumer spending, Latinos over $2.5 million and Non-Hispanic whites less than $2.2 million over their life span when acquired today.
According to Cesar M Melgoza, Founder & CEO of Geoscape, “The Latino boom has been upon us since the 1980’s and corporations are increasingly cognizant of the strategic value of this population segment for business growth and shareholder prosperity.”
The 7th Annual Multicultural Marketing Summit takes place October 27-29 at the Epic Hotel in Miami, FL. The AMDS 2011 Executive Summary Report can be downloaded free of charge from Geoscape’s website at http://www.geoscape.com.
Geoscape provides market intelligence systems, data and services to help companies navigate growth opportunities in a culturally diverse business environment. The online Geoscape Intelligence System (GIS), the DirecTarget database enrichment system and a variety of geo-demographic, consumer, business and media databases enable actionable insights that lead to significant business advantages. Geoscape is a privately held company owned by Goldman Sachs, Inc. and César M Melgoza, Founder & CEO, and is headquartered in Miami.
Leticia Denicolo or Alaina Smith at 1-888-211-9353; info(at)geoscape(dot)com; http://www.geoscape.com
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