Yankelovich – Cheskin Hispanic 2002 MONITOR Launched.

Yankelovich, Inc. consulting firm Cheskin announced the release of the seventh wave of the Hispanic MONITOR consumer lifestyles study. The 2002 Hispanic MONITOR is the definitive study of the attitudes, values and issues driving Hispanic
marketplace needs and purchasing patterns.

“We see the phenomenal growth of this group continuing to have a significant impact on the U.S. consumer marketplace in the future on many fronts — from communications to product development, to distribution and more,” said Felipe Korzenny, Cheskin Principal and Co-Founder. “Over the past decade, the U.S. Hispanic population has grown an incredible 58%, surpassing African-Americans and Asians to become the largest minority group in America. This is a marketplace opportunity American businesses cannot afford to miss.” But Yankelovich and Cheskin contend that “miss the target” is just what many ethnic marketers may do. “The potential for marketing missteps and missed opportunities is high because of many preconceived notions and misperceptions about Hispanics that may lead marketers off-point in their efforts to reach and influence this unique and diverse market,” stated Cathy VonFange, Hispanic MONITOR Research Director from Yankelovich.

For instance, the 2002 Hispanic MONITOR shows how understanding the unique values and attitudinal nuances of Hispanics is critical to successful marketing efforts aimed at this group:

— Brands play a unique role in purchase decision-making for Hispanics in the U.S. Store shelves are stocked with hundreds of brands and products that are not available in most Hispanic countries of origin. Not only are the products and brands new to many Hispanic consumers, but the labels are also written in English, making the purchase decision even more difficult. Thus, when 61% of Hispanics claim “it’s very difficult to get me to change brands once I find one I like” they are not necessarily saying they are brand-loyal as they are using the brand name they recognize to ensure they make a good purchase decision. It is more a matter of avoiding the purchase of a poor quality product than staying with a brand they like. This means that brands that provide an easier purchase experience via better in-store information, Spanish translations on labeling, and accurate depictions of product use will have a better chance of attracting new Hispanic customers than brands that do not.