Latino Consumers Transforming Auto Market

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September through December is the time of year when new car models come “out of the oven.” Historically, car manufacturers have relied on the loyalty of Hispanic consumers to sell their products but the growing economic power of Latinos is creating new trends transforming this market, which is now an open field for a fierce competition.

Auto brands and their advertising agencies had to raise their bar to attract a new burgeoning Hispanic market that is showing preferences beyond the traditional American brands and vehicles. Is the well-known Latino brand loyalty a feature of the past?  According to Advertising Age, Hispanic media spending in the U.S grew to $7.9 billion in 2012. These numbers are impressive, and in order to understand why brands are focusing on this group, we need find out the reasons behind it. According to VOXXI, Hispanic buying power has increased from $491 billion in 2000 to $ 1.2 trillion in 2013.  Those are tremendously large numbers, since the $7.9 billion spent in media by marketers is nothing compared to Hispanic purchasing power.

So how is this $1.2 trillion being spent?  Some of it is being spent on automobiles. Voxxi states that Hispanics buy one out of every four cars sold in the United States, and RL Polk & Co., the marketing firm that specializes in automotive research, estimates that car sales to Latinos increased 27 percent in 2012 alone.
For the full story:  http://voxxi.com/2013/09/21/cars-a-fierce-competition-for-the-latino-market/
Photo:  penfed.org


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