Hoping to tap into the considerable spending power of the growing U.S. Hispanic population, a Delaware-based company plans to roll out a new shopping channel expressly for a Spanish-speaking audience.
Viva TeleCompras and its accompanying Web site, www.vivatelecompras.com, which are being developed by Home Shopping Latino Inc., will fill a niche by reaching out to 7.9 million Hispanic homes - more than 85 percent of the Hispanic households in the U.S. Planned offerings include jewelry, electronics, household items and computers. In addition, the network intends to offer its own credit card and payment plans for higher-priced items.
"This will be an extremely efficient way for Fortune 500 companies to showcase their products in the Latino community" said Greg Martin, vice president of investor relations for Home Shopping Latino.
HispanTelligence, the research division of Hispanic Business Inc., reported that Hispanic home ownership is currently at its highest level and increasing at four times the rate of total U.S. ownership. The three main markets in the U.S., Puerto Rico and Mexico have a combined TV household population of 29.5 million and a combined purchasing power of $700 billion, an attractive source of revenue for advertisers. This market is projected to increase to nearly $1 trillion in the next few years.
HispanTelligence also found that Hispanic employment rates have increased to more than 16 percent in the last five years, as compared to a mere 2 percent overall in the U.S. A growing number of Hispanic entrepreneurs and a greater interest in investing - both in homeownership and stocks - have led to a marked increase in the overall net worth of the Hispanic population.
By using a fun, fast-paced format with well-known Latino personalities as hosts and featuring carefully planned promotions, Home Shopping Latino is hoping Viva TeleCompras will garner a loyal following among the Hispanic community.
From studios in southern Florida, Viva TeleCompras will share the airwaves with such big names such as HBO, National Geographic and Cinemax. Its debut is planned for this fall. - NU
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