Nissan and other big companies, including McDonald’s and Walmart, are flexing their marketing muscles to reach the $1.2 trillion Hispanic consumer market. The population will account for about 11 percent of all purchasing power by 2017, according to projections by the Selig Center for Economic Growth.
‘There was no need for me to do any arm-twisting or insisting that we needed to do more,’ says Diaz, who had previously served as CEO of Chrysler’s Ram Truck division, and is credited with helping build the truck into a popular brand with Hispanic consumers.
Big brands target Hispanic consumers
When Fred Diaz joined Nissan in April 2013 to lead the company’s day-to-day operations in the U.S., he was pleased by the robust figures that spelled out how much the automaker was slated to spend on ads aimed at Hispanics.
Something we have talked a lot about is winking at Hispanics, focusing on the cultural nuances that a Hispanic consumer will certainly recognize, but a non-Hispanic might not see at all.
Young Hispanics do not want us to have a separate dialogue with them just because they are Hispanic. They want a broader conversation that acknowledges they are in the room and that speaks to their values.
A 2012 Nielsen study estimated the buying power of Hispanics in the U.S. at $1 trillion, increasing to $1.5 trillion by 2015. The number of Hispanic households earning more than $50,000 a year is growing at a faster rate than the general population, the report found, meaning the Hispanic population is ‘no longer a sub-segment of the economy’.