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Richard Piatt ReportingRetailers and corporations are tapping into a previously untapped market in Utah, Latinos and Hispanics. Mainstream businesses in Utah are discovering a four-billion dollar market that some are still ignoring.
A lot of people look out over the cities and towns of Utah and don't even think about the Hispanic market, but it's out there and it's growing. When you hear 'Hispanic businesses', you might think just of Mexican grocery stores and restaurants, but the reality is that demand is booming for mainstream businesses and services at banks, car dealers, real estate and so on.
People filled a room today to learn more about embracing this emerging market, because the reality is, big money is involved.
Carl Kravetz, Assoc. Hispanic Advertising Agencies: "From an ethical point of view it's the right thing to do , but it's also the right thing to do from a business point of view. It seems foolish in markets that are above 10 percent, I think Salt Lake is 12 percent, to ignore 12 percent of your consumers."
Luz Robles, State Office of Ethnic Affairs: "We're seeing partnerships between big PR companies and putting Hispanic initiatives, and there are two or three of them right now, they're investing; I think that's the key."
A lot of people don't know that the Utah Hispanic and Latino markets represented 4-billion dollars in buying power in May of last year, Salt Lake City is the third fastest growing Hispanic and Latin population between 2001 and 2004, or that the size of that population is more than double the size of all other ethnic minority groups.
The bottom line is this is a group that can't be ignored and experts say the slowest to respond to this trend is state and local government.
