During the past three decades, the Hispanic population has experienced rapid growth throughout the United States. According to national estimates released by the U.S. Census Bureau, as of 1 July 2004, the Hispanic population reached 41.3 million, comprising 14.2% of the population and making it the most numerous and fastest growing minority group in the United States.
The rapid increase in the Hispanic population has profound socioeconomic and cultural effects. For instance, the rise in the Hispanic population has had a deep impact in the U.S. corporate sector. In 2002, there were 1.6 million Hispanic owned businesses, up 31% from 1997 (U.S. Census Bureau, 2005c). Therefore, culturally relevant marketing plans have also dedicated considerable resources to target the buying power of the U.S. Hispanic market. Large and small retailers are trying to capture the loyalty of a fast growing Hispanic community. Moreover, according to the Nielsen/Netratings, Hispanics are the fastest growing ethnic group online, making Hispanic online advertising a lucrative marketing strategy.
The purpose of the report is to present in a single document, some of the abundant basic information about the Hispanic minority community that is available from different sources. It describes the growth of the Hispanic population in the United States. The report assesses the demographic characteristics of the Hispanic minority, then focuses on a set of indicators, centered on income and employment and finally, it concludes by presenting some of the main elements that are constitutive of the Hispanic market.
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