MERCADEO Versión en español
Target addresses Latin purchasers to ensure the future of the company
Manuela Walfenzao| 10 de marzo de 2015
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The executive board of Target is betting on young Hispanic adults to help improve the future of the company. Focus was shifted towards this demographic group after a broad restructuring plan, which comes as a result of the unsuccessful expansion attempt in Canada and to the reduction of consumer credit cards which left a negative balance for the company.Attracting more Hispanic purchasers could be profitable for Target. The demographic group accounted for more than 60 % of the growth of the population in the United States between 2000 and 2015, and in this period, their buying power increased 207 %, according to the marketing research firm IRIWorldwide. It is expected that this figure will reach US$1.5 billion this year. The group is particularly lucrative because 70 % of Hispanics in the USA is less than 40 years old, their purchase capability is bound to increase as years go by.”In the current situation and as we are heading towards the future, our clients will be composed more and more of Hispanics”, said Brian Cornell, CEO of Target in a presentation for their financial analysts this week. “We want to make sure that we are taking this Hispanic consumer and turning him into a future client of Target. So they play a very important role”.In this sense, the company is redefining its concept of Target consumer, aiming now at a broader segment of the population and focusing mainly on Latin youths.
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