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 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.
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.
The Hispanic community represents a significant minority (18%) in the US, which indicates a remarkable growth. The Hispanic cultural plurality has tremendously spread across populous states in the U.S. population. The future of the American economic growth depends on Hispanics by the cultural and social shift expected to go along with their continuous expansion.