| As a group, Hispanics spend more of their disposable income on goods and services than non-Hispanics. |
If you don't have any dollars allocated to Hispanic marketing, you are missing out on a piece of the $428.3 billion pie. Hispanics already make up 6% of total U.S. purchasing power — and that number continues to climb.
The importance of la familia
Besides being America's largest minority group, two factors make Hispanics a very attractive marketing audience:
- As a group, they spend more of their disposable income on goods and services than non-Hispanics.
- They tend to have larger families with young children, thus they consume more goods and services.
Intercultural differences
To effectively target Hispanics, you must first understand the complexities of this population. Hispanics in the United States come from more than 30 countries, creating a diverse mix of cultures. Length of stay in the United States is a particularly influential factor. U.S.-born Hispanics ages 18 to 64 make up 59% of the total Hispanic population. This group is emerging as a bicultural force. They are fluent English speakers who have adopted many American values and ways of life, yet retain major aspects of their Hispanic traditions.
Reaching a bicultural market
Successful marketing campaigns need to understand and cater to this dichotomy. Spanish language marketing channels are very important when targeting first-generation immigrants. But English marketing channels cannot be ignored. Coordinate your Spanish-language and English-language marketing efforts and make sure both are equally sensitive to unique Hispanic ideals. Although Hispanics come from a variety of places across the globe, they do cherish some common values, including family, religion and the ethic of hard work. How much you target by subgroup will depend on your budget and objectives.
Want more info? Contact us and ask us to send you our FREE Demographic Fact Sheet for the Hispanic market.
