Archive for the ‘General’ Category

The Hispanic/Latino mar­ket is grow­ing in size AND buy­ing power.

Span­ish is the offi­cial lan­guage in 22 coun­tries and is the third most widely spo­ken in the world (after Eng­lish and Man­darin).  In 2011 there were 165 mil­lion His­panic inter­net users, a group that grew 807% over the past 10 years.  Experts pre­dict that by the year 2050 there will be 530 mil­lion Span­ish speak­ers in the world, of which 100 mil­lion will be liv­ing in the USA.

In the US, the His­panic mar­ket is not only grow­ing in size but also in buy­ing power. Con­sider the fol­low­ing data, cour­tesy of eBiz­Me­dia and H&R block:

Keep­ing the cul­ture alive

The major­ity of US Hispanic/Latinos keep strong ties to their cul­tural her­itage. 35 mil­lion US res­i­dents still speak Span­ish at home. The Peo­ple en Español His­panic Opin­ion Track­ing (HOT) Study found that 55% of His­pan­ics in the US are rel­a­tively ‘unac­cul­tur­ated’. This is the group that is least assim­i­lated, liv­ing cul­tur­ally iso­lated and in His­panic dom­i­nant com­mu­ni­ties.  Not sur­pris­ingly, this group responds best to com­mu­ni­ca­tion in their native language.

A mar­ket to be reck­oned with

The US His­panic pop­u­la­tion is grow­ing in size and their buy­ing power has increased at an even more stag­ger­ing rate. This com­bined data rein­forces the notion that the Latino mar­ket can­not be ignored by any US mar­ket­ing orga­ni­za­tion. Lati­nos are an inte­gral part of the US mar­ket as a whole. How­ever, to reach and engage this audi­ence, one has to con­sider the cul­tural nuances and lan­guage in their communications.

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