Posted by Elena del Valle on April 27, 2011
By Catherine Lovell
Consumer behavior analyst
Varga Media Solutions
Catherine Lovell, consumer behavior analyst, Varga Media Solutions
Photo: Varga Media Solutions
The growth of the Hispanic market is certainly not a secret. In fact, this market is expected to account for nearly 11% of the nation’s total buying power by 2015 according to the Selig Center for Economic Growth. Many marketers have been anxiously awaiting the 2010 census results to assist in devising marketing plans that accommodate the emerging Hispanic market. What most of these marketers don’t realize is the data compiled by the census has never been more inadequate in pinpointing today’s Hispanic shopper.
In 2010 the U.S. Census Bureau sent out surveys by mail to households in order to estimate their base counts for the next decade. These counts rely upon each household accurately filling out a data questionnaire and then mailing it back to be compiled and modeled over the next ten years. Once the results are published, there are several data compilers who specialize in updating census data for small area geographies in between the 10 year census periods. These companies blend the census data with other inputs, using it to create estimates of consumer demand and segmentation, otherwise known as “modeled data”.
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