Affordable Care Act (Healthcare Reform) and Multicultural Populations cont.

Feb 26, 13 Affordable Care Act (Healthcare Reform) and Multicultural Populations cont.

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We continue our 12 part blog series on the Affordable Care Act and Multicultural Populations.   Addressing Health Care Disparities among Small Business Workers – Part 10 By Martha C. Rivera, Director, Strategy and Insights, and Alejandro Ramos-Martinez, Junior Executive The small business health care tax credit is an important tool that can be used to address the racial and ethnic disparities in access to coverage that exists among small business workers in our country. The rates of uninsurance among Hispanic and black workers are higher than the rate for white, non-Hispanic workers. In 2010, 30% of Hispanics and 20% of African Americans were uninsured, compared to 15% of Non-Hispanic Whites. Many of these uninsured workers could benefit from the small business health care tax credit. More than 4.1 million Hispanic and more than 1.6 million black employees work for small businesses that could qualify for this tax credit for the 2011 tax year. It is especially important that small businesses that employ Hispanic workers be educated about this new tax credit.  Hispanic workers are more likely to be employed by small businesses and have lower wages than white, non-Hispanic or black, non-Hispanic workers. In 2014, when the maximum tax credit increases to 50 percent of the cost of coverage, more small businesses with Hispanic workers will be eligible and may be able to offer additional coverage. But first, these small businesses must know that the tax credit is available to them. Look for Part 11 of ourAffordable Care Act and Multicultural Populations in a future blog. Source:...

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The Impact of Brand-Centric Hispanics on CPG Shopping Trends

Allocating advertising budget money is a complicated task, but one thing is simple: spending a portion of that money on the Hispanic market is a must for CPG companies to increase sales and solidify their brand as a staple in their shopping carts. In 2010, Hispanics spent over $125 billion on CPG products: 11.8 percent of total U.S. CPG annual spending.1 Though Hispanics have historically been overlooked in CPG branding, $125 billion is a reason to take a second look! Hispanic consumers are proportionally the largest segment of CPG consumers. They spend eight percent more on CPG products than any other population and this group shows no signs of slowing down.2 Hispanics spend over 50 percent more on CPG products over their lifetimes than non-Hispanic whites and over-index in a number of categories.3 If marketers have been convinced the Hispanic market is not worth a segment of their budget, they should reevaluate that decision or risk falling behind their competitors. Recent market studies reveal Hispanic consumers have a large impact on the CPG market and company revenue. Assigning funds to target the Hispanic market will drive a 35 percent revenue increase in just five years for CPG companies.4 The possibility of such a drastic revenue increase by targeting just one group is impractical to ignore. The market’s history highlights a correlation between Hispanic budget share and organic revenue growth rates: a decline in Hispanic spending by CPG companies also means a decline in revenue growth.4 The numbers don’t lie! Hispanic food at home purchases are estimated to increase annually at a rate of 5.7 percent.4 Non-Hispanics are only expected to increase those same purchases by 2.5 percent annually.4 CPG brands, take note: not only do Hispanics consistently spend more money on these products, but they are also significantly more brand-centric than other demographics. Therefore, the Hispanic market is one of the most effective market segments to target. Hispanics are markedly partial to strong branding, often choosing brands because they are “hot” or because they...

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