Idaho’s Latino Community is a powerful economic force that is growing every year. Just last year the Latino community grew by five percent; additionally, Latino buying power climbed 11.3 percent. That is faster than the purchasing power of Latinos nationwide and the state's non-Latino population, according to a new report from the Selig Center for Economic Growth at the University of Georgia.
According to an article from magicvalley.com, “the largest ethnic minority in Idaho is spending 486 percent more on things like food, clothing, housing and vacations than in 1990. Latinos now account for a $2.3 billion share of the state's total $43.9 billion purchasing strength, compared to $398 million 20 years ago.”
Even as the economy slows down, the Hispanic buying power continues to grow. Hispanics have doubled their proportion of Idaho’s population from 5 percent to ten percent in less than two decades and they now control 5.1 percent of all buying power in Idaho. Last year in Eastern Idaho, the Hispanic buying power was nearly 500 million dollars.
You read that right. 500 million dollars are being spent in Eastern Idaho, and very few people are targeting that demographic. How much of that pie does your company get? Palacio is the only media that allows you to keep your customer base while reaching this new demographic that no one is targeting. What would having 1 percent of a 500 million dollar market do for your company? Capturing only 1 percent of a 500 million dollar market would mean an extra 5 million dollars a year in revenue to your business, in addition to the business you have now. Can you afford not to reach out to this market?
There is an old adage that says it is wise to fish in lakes in which no one else is fishing. This is the Hispanic market; in Idaho, everyone is fishing in the same pond, but very few people are reaching for this untapped resource that is rich with opportunity. By recognizing this dynamic and being ahead of the curve, you can fish in a pond rich with fish where very few others are fishing.
Contact Palacio magazine for a new marketing campaign that will allow to you access this hidden market.
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