In previous posts I’ve mentioned the importance of the growing Hispanic segment, how current day industries have failed to recognize that if they want to earn their place in the shopping carts of Hispanic households, and how it is detrimental that they understand this diverse and complex market if they want to make any impact. That being said, for those companies who practice sustainability and want to earn their way into the homes of this segment it is all about recognizing the opportunity.
Lets Talk About Opportunity
According to a report in 2012 by Nielson it is estimated that our Hispanic segment will grow by 167% from 2010-2050 compared to our non-Hispanic counterparts who’s growth is estimated to be at 42%. Making us Latinos responsible for a driving opportunity for domestic consumer packaged goods and services.
Though making this realization is just half the battle because as we’ve discussed in the past, most companies have failed to recognized the fact that this segment will likely be responsible for a bulk of their growth in the years to come. they’ve failed to recognized that this market, my market, will likely be the last of all significant growth opportunities in the U.S.
What Does This Mean For Sustainable Companies?
Now where does this leave our domestic companies who practice sustainability? In an article published by GreenBiz titled Why The Sustainability Needs To Engage Latinos author Nayeli Gonzalez expresses her concerns over the huge void when it comes to sustainable marketing when it comes to the Hispanic market. This gap is not present because Latinos don’t care about sustainability, quite the contrary it is because these companies have not invested in making a concentrated effort to reach out to them.
Look At The Numbers
In a study published by the Global Journal Of Business Research in 2013 titled Sustainability For Hispanics In California: Do They Really Care their findings concluded that there is a huge opportunity for industries to reach out to Hispanics regarding environmental issues.
In November of 2011 they conducted a 2 week convenience sample online survey using SurveyMonkey.com where they sent out 310 invitations to potential responders and received a 46% response rate. Their finding focused primarily on comparing attributes and attitudes toward environmental issues between Hispanics and Non-Hispanics. For the sake of getting to the point I will only include those charts with findings I feel are truly significant and relevant to my topic.
All of the data presented in these tables are findings and property of The Global Journal of Business Research . It’s important to see the value in tailoring messages to our market as these tables portray how the behavior and attitudes toward important environmental issues for Hispanics are definitely their. Just look and you’ll see the comparison between Hispanics and Non-Hispanic where we lead them in willingness, attention, and activities toward sustainable issues.
Though it is true this is a convenience sample and does not portray the hispanic market as a whole, they definitely shed a huge light on the available opportunity for current day sustainable industries to engage the Hispanic market.
In previous blogs and in this one we’ve discovered the amount of endless opportunities for current day industries to reach out to this enormous market that only intends on growing in years to come. We’ve realized what mediums should be best utilized to reach this segment. Though as I’ve mentioned slightly in this particular blog, that’s only half the battle.
It’s time for industries of all kinds, sustainable or not to understand why this market is so different from what their used to. Why it is detrimental that they not see this market as a short-term expense in their accounting books but a long term investment.
Ultimately these companies need to invest in understanding the complexity of this market and capitalize on it now before their competition does and the barriers to entry become even more complex and costly. Stay tuned for the next blog as I attempt to dissect my own market segment and discover the power of cultural connectivity and empowerment.