2050 is already here

We just came back from a Hispanic marketing conference in Los Angeles. Most the attendees were seasoned Hispanic marketers and it was amazing to hear them say that many firms still don't have their act together when it comes to marketing to Hispanics, let alone other ethnic groups. One of the chairpersons, Armando Martin, pointed out that in the top 20 markets in the United States, all are already 50 percent or more ethnic, meaning that more than 50 percent of their residents are Hispanic, Black, or Asian. Yet most retailers in these markets, which probably account for more than 50 percent of their sales, are still targeting "white guys" as their main audience.

Many marketers think that they don't have to worry about targeting Hispanics, Blacks, or Asians until at least 2050 when these groups are projected to be a larger share of the population. But in the largest markets in the United States, 2050 is already here. If you aren't looking at your markets city by city, you should be. One excellent source is available from Paramount. It's called U.S. Diversity Markets Report, 2006. It is released every two years, so the next edition will be available early in 2008. But if the top 20 markets are important to you, don't wait.

One PMP author, Isabel Valdes, previewed her new book, which will be out in early October. In this new volume, Ms. Valdes takes a detailed look at Hispanics by generation and length of time in the United States. To learn more about What's New in Marketing, Sign up for our Email Newsletter and you will receive updates on new books, release dates, and special pricing.

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