Hispanic market a boon

Often, the public conversation about Hispanics centers on illegal immigration. That will be an ongoing political debate, to be certain.

But in business circles, the rapidly growing Hispanic population represents some $5 billion in spending power in Utah alone. There are presumably 5 billion reasons Utah businesses would want to capitalize on that potential.

Credit Hispanic Marketing and Consulting/La Agency, a sister company of Love Communications, for hosting the second annual Hispanic/Latino Marketing Conference this past week in Salt Lake City. The conference, which included representatives from local and national businesses, was intended to educate the business community about business potential as well as instruct it about the best way to market to Hispanic/Latino buyers. (The Deseret Morning News provided in-kind support to this conference.)

Here's just a couple of pointers. First, there's no single "Hispanic market." Among Utah Hispanics, for instance, there are about 25 different cultures. Doing business among these cultures is more involved than simply translating English signs, materials and advertisements into Spanish.

As Gladys Gonzalez, president of Hispanic Marketing and Consulting/La Agency, explains, "If you want to be part of this market, you need to go through the day-to-day life of Hispanics. You need to get to know the gathering places, where they play soccer, breathe the same air."

Businesses that do not seek out this market segment will be turning their backs on a population that is growing in terms of numbers and buying power. In 2012, Hispanics will make up about 12 percent of the state population, more than doubling 1990 figures. More than 65 percent of the Utah Hispanic population is in the middle- to upper-socioeconomic strata.

Some in Utah and the nation's business community have already entered the developing Hispanic market. Many of the labels on grocery items are printed in English and Spanish. A few businesses place Spanish-language ads on mainstream television stations and in mainstream newspapers.

These forward-thinking businesses clearly can do the math: The United States' Caucasian population is shrinking, while other minority groups, such as blacks and Asians, are leveling off. But the Hispanic population, which makes up about 15 percent of the United States population, is growing. So are the business opportunities for those savvy enough to catch the wave.