Highlighting Hispanic Holiday Shoppers

This week, American consumers won’t just be loosening their belts after Thanksgiving dinner, they’ll be loosening their purse strings. Retailers continue to maximize Holiday spending—with many opening their doors on Thanksgiving night. Sears and Walmart will begin Black Friday door buster deals beginning at 8:00 p.m. (with additional deals at midnight) while Target and Toys “R” US open their doors at 9:00 p.m. As the general market looks to get the best possible deals on this competitive shopping occasion, Hispanic shoppers are looking for the most satisfying (verse cheapest) purchases. Hispanic shoppers are making investments and spending money during the Holiday season, even if they have to spend a little more to get the quality item on their lists. While Hispanics embrace Black Friday in-store shopping, the Internet will be a key point of purchase for many Hispanic shoppers this season. Compared to the general market, Hispanics over index on online electronics, apparel, shoes and appliance purchases and are predicted to spend $6.5 billion on online purchases alone. This holiday seasons, marketers shouldn’t just stress their deals, but they should highlight their brand’s quality to gain the Hispanic consumer’s attention and business. “Hispanics aren’t focusing on cheap deals during the Holidays,” said George L. San Jose, president and chief creative officer of The San Jose Group. “They’re buying gifts their loved ones will actually enjoy. So while other shopper’s might be fighting over the $12.00 fleece throw blankets for their relatives, you might find Hispanic shoppers making bigger purchases on items their friends and family will truly value… it’s about the heart.” Sources: “Study Show Hispanic Shoppers Behavior Shifts by Season Unlike General Market Shoppers.” (September 13, 2012). PR Newswire. Date retrieved November 19, 2012. http://www.prnewswire.com/ news-releases/study-shows-hispanic-shoppers-behavior-shifts-by-season-unlike-general-market-shoppers-102781869.html “Hispanic Online Shopping is Up for Grabs this Holiday Season.” (November 7, 2012). Hispanic Online Marketing. Date retrieved November 19, 2012. http://www.hispaniconlinemarketing.com/2012/11/...

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Time to Strike the Latin American Insurance Boom

Nov 13, 12 Time to Strike the Latin American Insurance Boom

Posted by in Insurance, Latin America

Insurance stands amid the numerous thriving industries in Latin America—and not just that kidnap ransom kind, but every kind of insurance. Liberty Mutual began Latin American insurance efforts in 1995, and Latin American countries have an opportunity for more competitors. 1  The Latin American insurance market can be broken down into two basics categories: life and non-life insurance.  Non-life insurance, which covers almost all aspects of the insurance policies holders’ lives—i.e. automobile, health, personal accident, etc. – is on the rise in Latin America. According to the Center for Puerto Rican Studies at CUNY, non-life insurance is growing fast due to an increase in registered vehicles and workers compensation in various Latin American countries.2 Lack of knowledge of the Latin American market and questioning how long the boom will last presents an unnecessary deterrent for insurance companies who may investigate venturing into the Latin American market. In reality, the increase in non-life insurance in recent years highlights Latin America is changing, arguable for the better, and now is the time for Insurance companies to consider building business in these countries. Florian Kummer said in an interview with BestDay audio, “lines like liability [open up] as societies mature and as societies become much more middle class than before.”3 Latin American companies and their populations are, as Kummer says, “maturing” in a manner that requires more insurance policies. Frost and Sullivan report “the future consumer marker of Latin America is projected to be 665 million people with a combined GDP of $6.8 trillion in 2020.”4 In other words, the insurance market will continue to grow in Latin America as more and more middle class members arise and purchase cars, homes, and other goods which must be insured. Frost and Sullivan also assert “[the middle class] will account for around 43% of the region’s total population by 2020; consequently, the expenditure from this segment is also expected to increase by 51% in 2020.”4 Therefore, Latin America has developed a huge, and lasting, need for insurance companies. “Like...

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America, Guess Who’s Coming to Dinner?

By Cassandra Bremer, content developer at The San Jose Group America, guess who’s coming to dinner? Hispanics! The beautiful thing about food is people have got to eat—surviving without it is an impossibility. But for the Hispanic population, food, or meals rather, are times to bring the family together and celebrate traditions. Over 5 nights a week, Hispanics are eating home cooked dinners—and those dinners might not be the stereotypical Spanish foods like tacos, burritos, rice and beans; Hispanics, depending on their level of acculturation, tend to adapt to an American diet.1 Yup, Hispanics are leaving those taco shells on the shelves and are firing up the grill. Acculturated Hispanics are only eating ethnic twice a week, leaving at least five nights of non-Hispanic dinning a week. As with any immigrating culture, Hispanics are undergoing lifestyle changes including acculturating and assimilating into the American culture. According to diet.com, the modern U.S. Hispanic diet consists of meals influenced by their traditional country of origin as well as ones from the United States.2  Therefore, the higher the acculturation level, the lower the consumption of authentic Hispanic foods. The American supermarket can be described in one word: options—people can buy almost any kind of food; the more people shop at supermarkets, the bigger their opportunities to branch out to other foods. A majority of Hispanics purchase their groceries at supermarkets in addition to butcher shops, bakeries, bodegas, convenience stores, drug stores, specialty shops and warehouse stores.1 Hispanics also prefer to buy in bulk vs. buying prepackage. Hispanics don’t cut out the middleman in food; in addition to buying and eating, preparing food is a central part of the Hispanic diet because they believe a home prepared meal has more nutritional value than prepackaged meals.  In fact, Hispanics spend almost 50% more dollars per year on produce compared to the American average. Such produce includes authentic Hispanic fruits and vegetables like avocado, plantain, mango, squash, bananas, beans and corn. “In the US, Hispanic families are now exposed to a...

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Campaigning for the Latino Vote

What’s the best demographic investment your organization could make? Today, more than ever, party campaign strategists believe the answer to successful campaigning lies in America’s fastest-growing population group: Latino Americans. For the first time in American history, this year both Republican and Democratic parties selected Latinos to speak in the prime time slot of their party’s respective national conventions. “We need the Hispanic vote and want to win it,” says the 2012 Presidential candidate Mitt Romney’s youngest son, Craig Romney. The Romney campaign releasing Spanish advertisements as well as the party’s $3 million investment in finding and financing at least 100 new Latino legislative candidates lends evidence to support the Republican Party’s professed desire to attract Latino favor. This project is being sponsored by the Republican State Leadership Committee and is known as the Future Majority Project, which is appropriately named in recognition of 2010 U.S. Census results showing Hispanics to represent more than half of all U.S. population growth over the past decade and representing America’s fastest-growing population group. If that were not evidence enough that the Republican Party is making a concerted effort, Republicans selected Florida Senator Marco Rubio to speak at the primetime slot of the party’s national convention. Rubio related the story of his Cuban parents who immigrated to the U.S. The Republican Party is not alone in investing money and engagement into a Latino future. The Democratic Party recently featured charismatic San Antonio, Texas Mayor Julian Castro in the primetime slot at their party’s national convention. More than that, between mid-April and June, the Obama campaign spent $1.7 million on advertising directed at Spanish-speaking Hispanics, according to SMG-Delta, a media firm that tracks campaign advertising. “Every purchase a Latino makes is a ‘vote’ for a brand,” said George L. San Jose, president and chief creative officer at The San Jose Group. “The Hispanic vote is just as important to the candidates as it is to brands. Campaigning leads to increased spending and ultimately ROI.” In 2012, the candidates have...

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