Furthermore, their median age is 27, and 60% are under the age of 30. Hispanics also proportionately outspend the general market in categories such as baby clothing, food and beverage, cleaning agents and cosmetics.

Companies such as Pepsi, Kraft and Sara Lee have created Latino-influenced products (Tres Leches anyone?) supported by bilingual packaging and targeted promotions. Perhaps no other company understands the Hispanic consumer more than Proctor & Gamble. P&G spends more than 10% ($107 million) of its advertising budget on the Hispanic market. The woman at the helm of P&G's Multicultural Business Development Organization is Graciela Elata. Her philosophy about reaching the Hispanic consumer is simple, "Spend the time, effort, money and resources to really understand the competition, the consumer and the shopper. Then, make sure that you have the right message-including the right language and copy."

Back in the 80s, a now-defunct airline could have benefited from that advice and have avoided a PR nightmare. The airline wanted to highlight its new, comfortable leather seats and subsequently translated its slogan "Fly in Leather" to f"Viaje en Cuero." The problem? Many Latinos interpreted the new slogan as "Fly Naked!"