Although 80% of US marketers say that the Hispanic market will impact their products and services in the next five years, half of them are not marketing specifically to the demographic, according to a report from independent Hispanic agency Orci. More than 80% of respondents also said they either do not plan to begin marketing to Hispanics or will not increase their efforts in the next 12 months.
Orci’s survey was e-mailed to 9,300 senior marketers at Fortune 1,000 companies last month.
The report also found that despite 80% of the Hispanic population using social media, only 20% of marketers are targeting social networks with Hispanic-specific marketing messages.
In 2008, 46 million US Hispanics accounted for $980 billion in spending power, according to market research publisher Packaged Facts. That number will increase to $1.3 billion by 2013.
An Orci representative could not be reached immediately for comment.