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Rick Gomez of Target: The U.S. Hispanic Market Is The World’s 7th Largest Economy
Manuela Walfenzao| 4 de junio de 2018
Rick Gomez Target
The 2018 CMC Conference began on Monday, June 4, in Los Angeles with a presentation by Rick Gomez, Executive VP and CMO of Target, and was chaired by Walter Ulloa, chairman and CEO of Entravision Communications. Gomez said that these days brands can use their voices to change business as usual and create businesses that survive the test of time. “Companies that fail to recognize the importance of the burgeoning Latino market are truly missing out on vast growth possibilities, because that segment is now the seventh largest economy in the world” Gomez said. “Hispanics spend some $2 billion on domestic products, they constitute the economy with the third largest growth worldwide, their consumption of domestic products grows 70 percent more than that of non-Hispanic segments in the U.S., and they will represent an estimated 25 percent of the growth in this category in the coming years.” He said that for Latinos and marketing experts there has never been a time like the present. “At Target we not only target consumers but are also changing their shopping experiences in our stores. It’s always important to understand the core of your brand so you never lose the rhythm.” Gomez said that Target moves on creativity. “This is a totally Target philosophy – our agencies must collaborate with each other. In our case, we have a group of 300 creatives in Target’s internal team, and what defines us is co-creation.”
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