| |
Even if you haven’t started marketing your products or services to the U.S. Hispanic segment, you’ve surely heard of the fast growing power of this segment. Currently, the U.S. has 42.4 million Hispanics. That’s more than the total number of Spaniards living in Spain! Find out more...
Consider the fact that by 2050, 25 percent of the U.S. population will be Hispanic. And they’re not just increasing in numbers, but also in spending power. U.S. Hispanics’ spending power in 2007 was about $862 billion and is expected to reach $1.2 trillion by 2012. Population growth and increasing disposable income are responsible for the steady climb. Therefore, be mindful of this group and position your brand in their share of growing wallet.
A large proportion of the Hispanic market is made up of younger consumers as opposed to other segments. Over time, these young consumers will become increasingly influential. This explains the significant growth in U.S. Hispanic media spending (four percent in 2007), while general U.S. media experienced no growth.
Before you seize the opportunity of marketing to the U.S. Hispanic segment, remember this is not a homogeneous group, so listen up:
1. Not all Hispanics hail from the same country of origin, so they don’t all share the same traditions. For example, not all Hispanics celebrate a Quinceañera party.
2. Another vital difference stems from whether they’re 1st, 2nd, or 3rd generation. The longer they‘ve been living in the U.S., the more acculturated they’ll be, and the more their behavior will mirror that of the general market.
3. Not all U.S. Hispanics speak Spanish, and not all U.S. Hispanics speak English. In fact, 17 percent don’t speak English at all, and about 18 percent don’t speak Spanish. It’s important to establish the language preference of the specific Hispanic group you’re targeting, then execute in the appropriate language(s).
|
|
