Asked by Morgan Burroughs on Jun 12, 2024
Verified
Describe the buying power and characteristics of the Hispanic consumer.
Buying Power
The ability of consumers or organizations to purchase goods and services, often influenced by income levels and economic conditions.
Hispanic Consumer
A term referring to consumers of Hispanic or Latino origin, representing a significant and diverse market segment with unique preferences and behaviors.
- Understand the importance of ethnic diversity in formulating marketing strategies.
Verified Answer
MA
marcus alexanderJun 17, 2024
Final Answer :
Hispanic buying power was projected to reach $1.3 trillion in 2015, a cumulative increase of around 25 percent compared with 2010. The 50 million Hispanic consumers in the United States have increasing influences on mainstream U.S. culture. Many families have been in the United States for multiple generations, and the consumer behavior of these highly acculturated Hispanics differs little from that of other groups of Americans. For example, they use credit cards, are minimally influenced by advertising and product placements, exhibit greater sensitivity to in-store promotions, and are likely to shop online and from catalogs.
Learning Objectives
- Understand the importance of ethnic diversity in formulating marketing strategies.
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