The purchasing power of the US Hispanic market in 2012 is estimated to be $1.2 trillion. This makes it larger than the entire economies of all but 13 countries in the world. In fact, the US Hispanic market is larger than the economies of Argentina, Chile and Peru combined. [1]

What makes this market remarkable is not only its sheer size, but its accelerated growth. During the past decade, the Hispanic population in the United States grew 43 times faster than the non-Hispanic white population.

Hispanics account for more than half the total US growth since the year 2000. Every year, 1 million babies are born to Latino parents. To put it in a different way: there is one Hispanic birth every 30 seconds.

Hispanics now make up 23 percent of the population younger than 18, and the numbers are even more dramatic in the border States: Hispanics make 60% of all children under 5 in California, and half of the children in Texas, New Mexico and Arizona.

As a direct result, the growth of Hispanic-owned businesses has also increased dramatically. The latest Census figures show that the number of Hispanic-owned businesses increased by 44 percent to 2.3 million, more than twice the national rate of 18.0 percent. [2]

Corporate America has seen the writing in the wall. While overall US advertising expenditures Increased by 0.8% in 2011, Spanish language network TV grew by 13%, Spanish cable TV by 21% and Hispanic magazines by a remarkable 26%. [3]

In spite of the obvious opportunity, the US Hispanic market is far from being a low hanging fruit. The Hispanic market has a unique set of challenges that impact how companies market themselves, design their products and foster customer loyalty.

[1] International Monetary Fund, Selig Center for Economic Growth (University of Georgia)

[2] US Census – Survey of Business Owners

[3] Nielsen – State of the Hispanic Consumer: The Hispanic Market Imperative