The New General Market

09/30/2009

Current trends suggest expanding Latino influence will blur the lines and Hispanic and general markets will collide, with the resulting merger revealing a new, evolved American general market

Latinos are the future of the general market. Current trends suggest expanding influence will blur the lines and Hispanic and general markets will collide. The resulting merger will reveal a new, evolved American general market with a heightened element of Latino flair.

Hispanics are the most active ingredient in today’s proverbial melting pot. Increasing size and affluence and steadfast cultural affinities enable Hispanics to make lasting marks on American society.

Almost one in six Americans are of Hispanic descent. More than half are under the age of 26. By 2020, the number of Hispanic teens is expected to increase by 62 percent as compared to 10 percent growth in the number of teens overall. Hispanic youth are a powerful social force underlining the Latino presence in mainstream U.S. culture. Typically English speaking, or at English preferred, socially connected and heavy technology users, Latino teens are leading the way in general market infiltration.

More impressive still is the enormous purchasing power stemming from the Hispanic population. As U.S. Hispanic dollars escalate, consumer products, brands and services have no choice but to respond to their demands. The U.S. marketplace will reflect Hispanic preferences more and more.

The future of the general market may be upon us. The present Hispanic influence on the U.S. economic and social scene is monumental. Latinos differ from antecedent immigrant groups who moved their way into the mainstream. They are not simply blending with the general market, they are transforming it.

Whether listening to the radio, shopping in the mall or browsing the menu of even the most puro Americano restaurant, Hispanic impact is impossible to ignore. It is in these emotionally driven industries, food, fashion and entertainment, where Latino penetration into the mainstream is most evident. Cultural groups typically gain exposure in such markets before being incorporated into American norms.

The Mexican taco took a similar route into the U.S. diet as Italian spaghetti. Now common staples of the American palate, Latin flavors were previously considered ‘ethnic.’

“Recently I’ve been excited to see the foods and flavors of all Americans find their way onto restaurant menus, into the aisles of supermarkets and onto the dinner plates in neighborhoods from shore to shore,” culinary icon and author Michael Flores said.

Fashion retailers and merchandisers are keying in on Hispanic influence in the general market. It is becoming less profitable to conceptualize the group as a niche market.

“Demographics are showing a shift in the strength of the Hispanic market across the U.S.” CEO and Designer at Gregorio fashion accessories, William Lopez said. “Gregorio has found increased success in positioning our products towards Latino consumers and consumers that have an affinity with Latino culture.”

The same can be said for the entertainment industry. High consumption rates and inherent trust in word of mouth creditability affords Hispanics an authoritative role in this market. Latin entertainment no longer means alternate Spanish language channels. Today, Latin inspiration is evident in chart toppers in every medium and category.

Those who have a stake in understanding the U.S. market should pay enhanced attention to the nuances and complexities of the Latino population. U.S. Hispanics assimilate while maintaining strong ties to cultural traditions and value systems. The resulting bicultural group is permeating boundaries and forever changing the American general market.

Read more: http://www.poder360.com/article_detail.php?id_article=3098#ixzz0pAioCiSM