|
Hispanics respresent the biggest new product opportunity in the last 50 years. The U.S. Hispanic market is 1950's America all over again - the chance to build entirely new categories and brands as a large, industrious, burgeoning middle class sets up new households.
Hispanics represent the largest and fastest-growing ethnic group in the U.S., approaching 50 million and projected to reach 60 million by 2020. They are young, aspirational, and family-oriented, and are attractive and loyal consumers.
With purchasing power approaching $1 Trillion, the U.S. Hispanic market has more commercial clout than any other targetable group. The group's purchasing power is growing at three times the rate of that of non-Hispanic white households.
Hispanic immigrants arrive in the U.S. "emotionally Latino" on a journey to "functional Americanism" - yet their challenges are many. Failure to participate in the U.S. system and adapt culturally results in few opportunities to accomplish personal and family goals (such as finding a job, raising a family, healthcare, education, financial progress, and legal status).
Yet U.S. society is organized around well-established "systems" - which include economic, civic, and social norms, as well as cultural traditions - all of which work differently here than in Latin American societies. Hispanic immigrants to the U.S. must learn to function in this complex new world to survive and achieve.
Dan Rather, in his provocative book, The American Dream, stated: "The American Dream is one of the greatest ideas in the history of human achievement." It's good to know that the American Dream is alive and well among U.S. Hispanics; 81% agree with the statement: "If you work hard in the U.S., you can achieve anything." (Source: EDM Habits & Practices Study - 7/04, n = 1000)
|
