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?
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.
The justified buzz in the marketing world for a slice of the Latino market calls for much more effort in developing focused content and using strategies that can attract and retain Latino customers. An almost 60 million strong customer segment with an evidently increasing purchasing power needs more than just simple translations of marketing content from English to Spanish. Marketing and sales directors are constantly on the lookout for specialized approaches that can help them tap into the lucrative Latino market customer base.
In a recent report released by Nielsen, Hispanic women were identified as a crucial component of the 57M plus group of the Hispanic population. The group’s collective purchasing power is placed at $1.5 trillion and is projected to soon account for over 10.6% of the entire U.S. purchasing power before 2019. The multicultural taste and influential positions of Hispanic women in their family systems are critical to informing the purchasing behaviors of their households.
In 2015, there were 245,000 new owner Hispanic households that entered the market, within a fast growing population segment that remains largely untapped. The purchasing power surge, a significant entrepreneurial focus matched by sizable income gains has ensured that Hispanic housing trends have gone against the otherwise national plunge. Even with Pew Research Centre observing a harder reality for blacks and Hispanics with regard to mortgage access, the trends still lay claim to a market segment that still lies untapped.
Hispanic Americans have become a force to reckon with in the American consumer space. Brands are outcompeting each other to market to Hispanics and reap from a population group well known for brand loyalty and distinct multicultural taste. Different sub-groups within the Hispanic Americans such as teens, millennials, and women are marking their place in their consumer spaces which is helping inform crucial marketing strategies. When developing high-quality content to drive sales and earn revenue for your brand and company, it’s important to have a clear-minded approach to ensure that targets are met and new customers are acquired.