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Latino Daily News

Tuesday July 27, 2010

Hispanics on the Cusp of Replacing Baby Boomers in the Market

From a market perspective the robust Hispanic population is replacing the aging baby boomer population segment. The 2010 Census expects a remarkable 42% Hispanic population surge, compared to just 5% of the non-Hispanic population. They have become the nation’s second-largest consumer market after white non-Hispanics. They tend to be younger than the overall population in the country and resemble the culture of the Leave it to Beaver era of the 50s best. These unique factors make the Hispanic population segment ideal consumer targets for goods and services to the extent baby boomers once were during their youth.

Some interesting aspects of the Hispanic population that will keep marketers guessing as to their consumer behavior are their acculturation rate. The rather large U.S.-born population composed of children less than 18 years (34.3% of the total U.S. population) is assimilating to American culture at an unprecedented rate. When they reach adulthood marketers expect they will behave similar to their white non-Hispanic counterparts but their Hispanic culture will remain a strong component of their identity.

Another major difference between today’s immigrants and their predecessors is the effects of globalization that allows them to stay connected to the their homeland. The internet, TV stations with original content from countries of origin, and cheap air travel all enable Hispanics of today to have a strong connection to their countries a luxury immigrants in the past never had.

The globalization phenomenon Hispanics are experiencing will have a trickle up effect on American culture, explaining the Latino influence on American food, music, and sports.

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