More Hispanics are turning 18 every month than previously thought, underscoring why companies should do a better job specifically targeting Latinos, according to a report.
On average about 83,000 Latinos will turn 18 each month in 2015, more than the often reported 50,000, according to Geoscape, a business analytics company that specializes in tracking the nation's largest growing consumers, including Latinos.
"We help companies understand the opportunity," said Cesar Melgoza, CEO of Geoscape told Fox News Latino. "What we try to do is help companies understand that opportunity and how to go after it and make it actionable. And sometimes they find this difficult and the reason I think the difficulty comes into play is that it's hard to get rid of legacy, it's hard to get rid of the way they've done things for years. So in my mind that's the most difficult challenge they face."
Melgoza's company is helping others understand why they should invest more in tapping into a consumer base that is estimated to be worth about $1.5 trillion dollars in purchasing power in 2015. Analytics and numbers have convinced clients like Target, Walmart, Nestle, and Verizon to more effectively target the youngest demographic in the country. The average age of Latinos in the U.S. is 27 compared to 42 for whites.
The investment, on its face, seems like a no-brainer but, according to Melgoza, it's still a new concept for many companies. Megloza said Hispanic business owners, however, have an advantage because they understand the culture.
"Most of them understand how to serve their fellow countrymen, if you will, many of us understand the nuances of the culture that matter to a business," Melgoza said. "For example, the old saying 'Mi casa es su casa,' it's kind of tongue-in-cheek and a little bit funny, but those of us who are Hispanic understand that's a very important concept."