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by Lee Vann
, Columnist,
January 13, 2011
I recently came across a
thought-provoking briefing by Trendwatching.com in which it predicts consumer trends for 2011. As I read the
brief, I was fascinated by how right-on it is and how Hispanics lie at the center of many of these trends. For this post, I have highlighted the consumer trends I feel will be most impacted by
Hispanics.
1. Random Acts of Kindness
Social media has created a window into the needs, wants and complaints of consumers. This, combined with the general feeling of
consumer disgust brought on by the recession, creates an opportunity for brands to bestow random acts of kindness on their customers.
Marketers looking to capitalize on this trend should
consider Hispanics. Not only do they represent over $1 trillion in buying power, they are also at the bleeding edge of social media. Random acts of kindness that reward both the individual and the
collective Hispanic group will pay off handsomely for brands.
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2. Urbanomics
Half of the world's population lives in urban areas and millions are
moving to cities each year. This trend bodes well for marketers as "urban consumers tend to be more daring, liberal, more tolerant, more experienced and more prone to trying out new products and
services."
Hispanics are at the heart of this trend with over 91% of them living in urban areas. They are young, tech-savvy, bi-lingual and bi-cultural.
3. Pricing
Pandemonium
Social media, group buying sites, and the explosion of smartphones have put an infinite amount of real-time pricing information at the fingertips of
consumers. This trend will force marketers to create a multitude of flexible and adapting pricing models.
In addition to being avid social media users, a recent report by Scarborough Research found that smartphone growth among Hispanics is outpacing the
general market and that Hispanics are heavy mobile users. Pricing models that incentivize like-minded communities should be salient within the Hispanic community.
4. Online
Status Symbols
We find ourselves connected online, and collecting online and offline status symbols will help us identify who we are within this new context. Brands
will increasingly offer badges, symbols and other rewards to consumers who interact with them.
When developing these symbols, marketers should develop and distribute symbols to allow Latinos
to identify with their evolving heritage and culture. Toyota did an awesome job of this with its "Somos Muchos
Latinos" campaign.
5. Well-thy
People are increasingly interested in improving their quality of life, and products and services that
promote health will be hot in 2011.
There are significant and complex health issues facing Hispanics, including high levels of obesity and diabetes. This is a great opportunity for marketers
to proactively address the cultural and language barriers that affect the health of many Hispanics and ride this consumer trend.
6. Emerging Generosity
People increasingly expect wealthy individuals and brands to give back to the community. The $600-billion challenge led by Warren Buffett and Bill and Melinda Gates as well as
Mark Zuckerberg's pledge to donate most of his wealth to charity clearly exemplify this trend.
Maybe in 2011 Mexico's Carlos
Slim, the world's richest man, will pledge to donate his wealth to Hispanics. Does anyone know if Warren Buffet speaks Spanish? Maybe he can convince Mr. Slim.