Multicultural Marketing: The Changing Face of America
Targeting the exploding Hispanic market
Sears, Roebuck and Co.
Fickle consumers, rapidly changing technologies, fragmented media channels these are just a few of the many challenges facing today' s advertising and marketing managers. And piled on top of this already full plate is the need to keep a watchful eye on a very important trend: the ever-growing multicultural market. At Sears, we have created a fully integrated marketing strategy that targets African Americans, Hispanics and Asian-Americans. What follows is an outline of the different approaches we use to reach Hispanic customers.
Why do we think it is important to customize our marketing and advertising? Consider the following:
- Currently, Hispanics represent 11 percent of the US population. The Hispanic market is growing five times faster than the general population, see Table 1.
- By the year 2010 the US population is projected to grow by approximately 30 million people. Hispanic growth is projected to represent about 40 percent of those 30 million or almost 14 million new consumers.
- Over the next few years the Hispanic market is expected to become the largest minority group in the U.S., outpacing the African American market in absolute numbers.
- The purchasing power of the Hispanic market is projected to triple to almost $1 trillion in the next 12 years.
- 57 percent of Hispanic consumers agree that nationally advertised products are best for the family.
TABLE 1: TOP 20 MARKETS
(000) Hispanic population
Hispanic as % of population
|4.||San Francisco/San Jose||1,243.0||18.4|
|8.||Lower Rio Grande||823.7||89.5|