Hispanic Retail 360 Summit 2013 Key findings from the industry’s leading retail conference. Hispanic Retail 360 is one of the leading retail industry conferences focusing on uncovering cultural insights about the Hispanic shopper. This year’s summit focused on understanding the Hispanic Millennial consumer. Much of what was covered at the conference was no surprise to many. The most interesting fact however was that retailers, manufacturers, research firms, media companies, and advertising agencies can all finally agree that Hispanics are key in reaching the Millennial consumer. Some key takeaways: 1. Hispanic Millennials are the fastest growing portion of the Latino population and are extremely important to retailers for their tech-savvy, high-consumption shopping habits. 2. Culturally relevant marketing plans will become increasingly critical as the population becomes more diverse. Hispanic Millennials should be in the driver’s seat for framing total market strategy. 3. Hispanics no longer follow the traditional path of acculturation. Marketers can more accurately reach and segment them through relevant attitudes, behaviors, and values rather than the traditional Acculturation Model. 4. Culture plays a bigger role than language. General market translations are not the best way to reach English-speaking Hispanics because they are not culturally relevant or do not address key attitudes and behaviors. Hispanics’ culture, taste and affinity are heavily influencing the general market. For this reason, as well as the growing Hispanic population, marketers should re-prioritize their marketing efforts if they wish to effectively reach Hispanics. Instead of adapting general market strategies to the Hispanic market, they should consider Millennials and Hispanics to be the core of their general market strategy. Alejandro Martinez, Market Intelligence Strategist

dieste
jorgelo@thehangar.cr