Hispanic strategy an "imperative" for credit unions

A new report by Nielsen about Hispanic consumers in the U.S. may serve as a wake-up call to credit unions about the need to understand and prioritize a strategy to reach the young, connected and growing Hispanic market.

In "State of the Hispanic Consumer: The Hispanic Market Imperative" Nielsen points to the precipitous growth of Hispanic buying power - expected to reach one and a half trillion by 2015, up 50 percent from one trillion in 2010.

The report states that despite the recession, U.S. Hispanic households that earn $50,000 or more are growing at a faster rate than total households. By 2016, Hispanics will account for 60 percent of U.S. growth. This trend will continue even if immigration is halted.

Study Highlights:

By 2016, Hispanics will account for 60 percent of U.S. growth.

The median age of the Hispanic population is 28 years old (almost ten years younger than the total market median age).

Financial services is one of seven economic sectors expected to benefit most from Hispanic demographic change.

Hispanic culture in the U.S. is enduring and sustainable.

Hispanics show unique media and technology consumption trends, as well as buying habits that do not reflect the total market.

The Federal Reserve Bank emphasizes six principles about serving Hispanics.

Coopera, a consulting firm and strategic alliance partner of the Credit Union National Association, invites credit unions to participate in free webinars to learn more about serving this booming market.