Sol Trujillo is a man who has extensive leadership experience in the fields of global telecommunications, media, and cable industry. He is, and has been, an active corporate board member for numerous Fortune 500 companies, helping to further drive overall growth. He also helped champion high-speed broadband to further stimulate all sectors of the economy.
While addressing the 11th Annual Wall Street Summit, Mr. Trujillo also took time to discuss the ever growing US Hispanic Market as well as their potential purchasing power over the next couple of years. Recognizing the fastest growing ethnicity in terms of US population, he also took note of the influence that the US Hispanic market already wields, with the average US Hispanic possessing an annual purchasing power greater than the average citizen of Russia, Brazil, China, and India.
In part this is due to an increase in the total population of US Hispanics, which is expected to continue from the 50 million current Latinos nationally to 133 million by 2050. In the process, their current total 1.1 trillion dollars is expected to also increase, growing to 1.5 trillion by 2015.
While recognizing this growth is important, in order for businesses to truly be successful in reaching the US Hispanic market, being able to target the niche markets driving this growth is essential. As Latinos continue to immigrate there is strong potential for companies to reach the Grassroots Spanish-Speaking Latinos who still embrace their native culture and are more inclined to read the Sunday paper than get their news online. There’s also the Latino Millennials who still associate with their native culture, but have also embraced certain aspects of US culture to help shape their identity. While they still hold true to the printed advertising that has helped their parents improve their lives, they also yearn for information on the go through their smartphones to help enrich their lives as well as possible preparation for those who may also soon be Latina Moms and Hispanic dads looking to provide their families with the best possible life.
As the US Hispanic market continues to grow, the total buying power will increase as well. EC Hispanic Media offers insights into the emerging and established niche markets as well as multimedia solutions to help companies develop comprehensive strategies to improve saturation and brand integration within the US Hispanic community.