Economic Windfall Among Hispanics Finds Macy’s, Target Changing Marketing Focus
A new report from the Los Angeles Times brings with it good news about the United States economy: overall poverty rates in the country slipped in August from 15% to 14.5%, marking the most notable shift in the American economic climate since 2006. Of significant note is the fact that with this drop, there are nearly a million fewer households in the States with children living in poverty.
While the report should be welcome news for all Americans, it brings especially good tidings for Hispanics. Fox News Latino aptly points out that the overall decrease across poverty levels can and should be linked to the improved economic outlook for the Hispanic community. New U.S. Census Bureau figures show that poverty levels among Hispanic-Americans dropped by nearly 2% last year, reducing that figure to 23.5%. That translates to just shy of 900,000 fewer Latinos living in poverty.
The shift in the community is, of course, putting more expendable income into the hands of more Latinos, and it’s not just Latinos that are noticing. Huge American businesses have begun rethinking their marketing plans in order to earn those extra dollars.
Macy’s, Target Move to Court Hispanic Community
Doing what businesses do and seizing upon an opportunity to boost their profits, several companies are tweaking their marketing efforts to attract more Hispanic dollars. Pandora, an international jewelry company of more than 6,000 employees, and other jewelers, are making overtures to the Hispanic community through targeted ads.
Macy’s, Target, and Sherwin Williams, between them more than $100 billion in annual revenues, are likewise making considerable efforts to draw in Hispanic shoppers. Macy’s is bringing in prominent Hispanic women, like actress Jasmine Villegas, to speak at four of its stores across the country. Target is the sponsor of the 2014 Hispanic Heritage Awards. Whether or not this shift in focus toward financially empowered Hispanics will have the impact Target and others are looking for remains to be seen.
What do you think of Big Business’s sudden interest in Latinos? Let us know in the comments below.