Monday, November 30, 2009

The Marketing Corner: Marketing to Hispanic Consumers

If you’re a small business owner, have you given much thought lately to marketing to Hispanics? Now is definitely the time to seriously look at this explosive market. According to U.S. census data, Hispanics:

• Represent 15.5 percent of the total U.S. population
• Projected population by 2010: 47.8 million
• Growth rate is three times the growth rate of the total U.S. population
• Two in five are foreign born
• Represent a very young consumer segment, median 27 years old vs. 40 for non-Hispanics
• One in three are under age 18
• “WOW” factor: $1.4 trillion in projected spending by 2010

It is equally important to understand that term Hispanic is derived as a compilation of several Spanish-language country of origins. However, Mexico is the dominant country of origin at 64 percent. The other countries of origins are: Puerto Rico, Cuba, Dominican Republic, and other nations in Central and South America.

Hispanics have made considerable contributions to the American culture and economy. One can expect this trend to continue given the growth rate of this group.

The best marketing approach is to speak their language. While they do consume English-language advertising vehicles, Spanish language is preferred and there is an array of choices available. Even with Hispanics who speak English throughout the day, they still have an affinity for their own language. They are proud of their heritage and embrace their family ties.

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