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If you don't already, it's time to start. Tapping the Latino market could translate to increased sales.
The Latino market is an entrepreneur's dream. With economicclout expected to reach a whopping $926 billion by the end of 2007,the Latino market's buying power will soon outstrip that of allother ethnic groups in the United States.
Historically, marketers have been drawn to this segment due toits size--there are 33 million Latino consumers here in the UnitedStates. But now, a crop of new studies validates the long-heldbelief that the Latino market represents more than sheer buyingpower. A strong tendency toward higher-than-average brand loyaltycharacterizes this group, making them prized long-term customers.In fact, a 2002 survey by Research Data Design showed that 85percent are willing to pay more for quality and prefer to buy amore expensive but trusted brand rather than a less expensive butunfamiliar one. And 94 percent of Latinos are likely to buy a brandthat provides the best customer service.
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