Hispanic strategy an "imperative" for credit
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
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.
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.
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.
Hispanic strategy an "imperative" for credit unions