With a purchasing power expected to reach an unprecedented $1.2 trillion dollars in 2012, and a population already surpassing 50 million, Hispanics are a fast rising consumer force in the United States and perhaps our greatest hope for a sustained economic recovery. In fact, Hispanic growth is fueling an increase in buying power in this country that is yet to be seen in other economies. Put another way, Hispanics are achieving a status as super-consumers that is making other minority groups and even the mainstream consumer look anemic.
Given this knowledge, it’s surprising that so few retailers have put much effort into learning about the Hispanic consumer and how to serve their needs. One very prominent exception is Wal-Mart, which has been attracting increasing numbers of Hispanics to their stores by integrating them into all facets of its business, including merchandising, marketing, operations, and community outreach programs. One campaign called "The Best Heritage is a Good Education" addressed the need for higher learning while acknowledging the importance of culture – displaying a genuine understanding of what’s important to the community.
Wal-Mart has even challenged its manufacturing partners to provide products specifically designed for Hispanic consumers and their needs. Is it any wonder that Hispanics make up a significant portion of Wal-Mart’s U.S.customer base, and that the country’s largest retailer stands to capture the lion’s share of the fastest growing consumer group?
According to a recent study of Consumer Packaged Goods (CPG) companies and retailers, Wal-Mart was one of seven companies named "best in class" at driving revenue growth through their leadership in the Hispanic market. This is compelling further evidence that business growth and success will come to those most adept at serving the Hispanic market..
Wal-Mart is a prime example of a company that is taking advantage of this market effectively.
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