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The Hispanic Market Continues to Grow
March 11, 2008
I have been writing for some time now about the expanding Hispanic market so my eyes were caught by a New York Times article entitled “Banks Springing Up to Serve the Underserved.”
The article reports on the phenomena of “Latino-oriented banks” springing up all around the country and in some of the unlikeliest places. For example, Raleigh North Carolina is now home to Nuestro Banco, a financial institution designed to meet the needs of the states dramatically rising population of Spanish speaking citizens, legal and illegal immigrants.
Why, you may ask, would a bank catering to the Hispanic population pop up in a state that is best known for barbecue restaurants, college basketball and deep southern accents? Well, because, according to the article, since 1996 the Hispanic population has amazingly grown from 76,726 to 593,385. The article goes on to report that the national Hispanic population is expected to reach 102 million by 2050. At that point, non-Hispanic Caucasians will be in the minority.
The toy industry will do well to pay close attention to these rapid demographic shifts and meet the needs of a population that is not only not going to go away but is going to get a whole lot bigger.
Posted by Richard Gottlieb on March 11, 2008 | Comments (3)
