Most English-speaking U.S Hispanics are bilingual. They often switch between languages or borrow English words and put them into Spanish, making Spanglish language. Hispanic communication is changing and with the growing number of speakers, they can no longer be ignored by marketers.
Marketers are spending most of their time discussing the importance of Hispanic millennial consumers more than any other thing. The focus on this group is meaningful since the Hispanic millennials are just about to unlock their purchasing power. In the wake of this revelation, marketers of various brands are forced to come up with appealing marketing strategies to attract a chunk of these super consumers.
Hispanics are posting interesting statistics for marketers in the modern America. More than 17% of the American population constitutes Hispanics. Over the past year, the buying clout of these demographics has hit the $1 trillion mark. Unfortunately, some home improvement marketers still don't know how to engage this group of consumers. To engage these consumers, you need to understand the Hispanic culture values and their way of life.
The Hispanic population is becoming the driving force of the major industries in the US. The latest Nielsen report shows that they contribute about 56% of the total population. Furthermore, the number is bound to grow by 60% in the coming five years. The auto industry is the biggest beneficiary of the demographic shift. Studies show that 1 in every 4 cars sold is bought by this ethnic group.
3 Reasons Why Multicultural Marketing is Crucial in Targeting the Social and Mobile Hispanic Millennials
The Hispanic Millennials is one of the fastest growing minority consumer group in America. As a result, many companies are scrambling to find ways of targeting their marketing strategies towards the group. Multicultural marketing is proving to be the most effective way of reaching out to the social and mobile Hispanic Millennials. But why is it so?
Most of the U.S – based car dealers are looking for ways of attracting the Hispanic buyers. Some companies such as Ford are spending a significant amount of resources to gain market share with Hispanics. This group spends approximately $16.2 billion dollars on new car purchases every year. More interesting is the fact that these Hispanics have larger families and hence more needs.
Hispanics are responsible for more than half of the American population growth from 2000-2010. Their purchasing power is outpacing the economy, yet many entrepreneurs have not managed to successfully penetrate the contemporary Hispanic market. It happens because they rush and develop a non-comprehensive and not results-oriented marketing approach for Latinos. Below are three tips for navigating the Hispanic demographic.
The Voice of Hispanic Marketing, AHAA, believes that the right marketing specialists are fundamental to understanding big data, insights, and digital engagement for successful marketing strategies. However, it is how one integrates traditions and relevance into storytelling that makes the whole difference among competitors. During their annual meeting, AHAA stressed on topics of interest to marketers such as the power of specialization and storytelling, improved insights and study, and enhanced ROI data.
Latinos are emerging as an influential economic powerhouse, presenting marketers an increasingly influential consumer segment. According to a 2012 Nielsen report, Hispanics are the fastest growing ethnic group. It’s important to recognize that Latinos are bicultural and have the ability to embrace two cultures seamlessly. Understanding this unique customer profile is critical to successful engagement. Below are three guiding principles for those seeking to establish a Hispanic marketing strategy.
The number of Hispanic home owners is fast rising in the United States. According to the National Association of Hispanic Real Estate Agents (NAHREP) statistics, more than 7.3 million Hispanics own homes in the U.S which represent more than 40% of home ownership in America. This figure is set to increase as more Hispanic Millenials reach their prime earning age.