Latino culture in America has had a considerable influence on how Marketers develop their strategies. Given the meteoric rise in both population and buying power witnessed amongst members of this community, a lot of effort and research has now gone into figuring out the best ways to appeal to this market. The fact that the Latino community is a very large community whose consumer patterns are heavily influenced by its culture has had a significant impact in the way marketers approach new markets as rarely do they encounter similar populations. The ways in which Marketing trends were influenced by the Latino culture in America include:
The Hispanic population in the United States is currently at an all-time high of 57 million. Hispanics currently represent 18% of the US population, but given their high population growth rate, it is expected that they will represent 24 percent of the US population by 2040 and 29% by 2060. According to census statistics procured by Nielsen, all factors indicate that this growing Hispanic population will be the future drivers of both population and economic growth. 65 percent of US population growth over the next 45 years will be due to Hispanics. With these statistics in mind, a number of key insights can be drawn from them.
In an attempt to gain a closer understanding of the Hispanic community as far as marketing is concerned, a lot of information exists online in the form of Hispanic articles. While the information is indeed vast, a question arises regarding whether they are both valid and relevant. These concerns make the process of looking for valid Hispanic articles a difficult task. Nevertheless, the following articles will be helpful when attempting to gain insights into this market.
It has been said many times before: the Latino market is the future market. Marketing to Latinos in America will need more than just a mere understanding of their language and their culture. A lot of brands are beginning to realize the power that this market holds, and their survival will depend on how well they market their products directly to the Latino consumer. Here is why marketing directly to Latinos matters.
The multifaceted nature of the US Hispanic marketrequires that all marketing campaigns chosen to attempt reaching this demographic are all tailored to suit it. The Hispanic community in the United States has a number of attributes that have to be taken into consideration before any attempt is made to formulate a formidable marketing strategy.
The Nielsen fifth consumer report on the Hispanic Consumer Behavior is in itself a revelation of how significant this consumer group has become in recent years. According to this report, the Latino community was responsible for 50% of the population growth in the United States between 2010 and 2015. The report goes on to state that their current population is expected to double over the next two generations. Marketers for leading brands who wish to tap into this market’s potential are aware of the degree to which Hispanic consumer behavior is influenced by Hispanic culture. This influence can be seen in a number of ways.
Recently, the Latino community has proved to be a fast-growing bloc of consumers. They have significantly extended their use of mobile technology and social media. Businesses which will come up with new strategies will be making a huge step in winning the Hispanic “super-consumer” market and will earn huge profits. Most companies haven’t considered using the mobile marketing to help gain access to Latino market; this field remains unexploited. Here are useful insights that would be helpful in accessing and gaining impact in this market.
Hispanic Market Trends to Look Out For
The Hispanic market is dynamic and highly rewarding. They make almost 20% of the American population. Businesses are reaping big profits from this population. However, making it to this market and impacting influence is not an easy task. It is a market controlled by social and cultural inclinations. When businesses have a clear understanding of this market, then they will stand to benefit from it. General marketing strategies will not guarantee success in this market. Here are tips on how to market to Hispanics.
The spending power of the American Hispanic community has been consistently on the rise. According to Nielsen, their spending power currently stands at over $1.4 Trillion; an impressive figure that can be attributed to their high population growth and rigorous work ethic. The factors that influence their spending habits are varied, but the one that distinctly stands out is Hispanic culture and education. Companies that wish to establish a foothold in this market will have to examine how it influences buying decisions before formulating their strategies.