This time next year the U.S. Census Bureau is scheduled to release the results of the 2010 census, which is already predicted to show huge growth in the number of Hispanic Americans. The total number is expected to rise to 50 million, from 38 million in 2000.
That’s a growth rate of four times the general population.
With that growth in numbers comes an increase in purchasing power. Indeed, Hispanic American purchasing power surpassed $1 trillion in 2007. Hispanics now have about $863 billion in discretionary annual income, more than any other minority group in the country.
What’s even more interesting for marketers, however, is that Hispanics are very active consumers. An Experian/Univision study found that:
• Hispanics are 38 percent more likely to buy advertised products than non-Hispanics.
• Hispanics consistently shop more frequently than non-Hispanics.
- Twice as many Hispanics (31% vs. 15%) are willing to pay premium prices to buy branded prescription drugs instead of generics.
Virtually every type of company and organization in the United States is being affected by the growth of the Hispanic population. That includes government, healthcare, manufacturing, food service, retail, construction, publishing, education, finance, and law, to name just a few examples. Marketing and selling to U.S. Hispanics has become so important that universities are offering programs on the subject, and advertising agencies are opening Hispanic departments.
The Census Bureau report is expected to predict continued growth in the U.S. Hispanic population, till by the year 2050 one out of every four Americans will be Hispanic.
A cardinal rule of business is to look for growth markets. These numbers tell us that the Hispanic population in the U.S. is the biggest growth market around. More smart companies will try to tap into this market as it grows bigger and bigger. It is not a matter of If, but when.
Many companies have decided this is the year they’re going to establish a presence in the Hispanic market. If you’re one of them, consider that one of the first steps in reaching the Hispanic market is to identify specifics about your target audience. You will probably realize that due to the language abilities and preferences in a household, having culturally meaningful and accurate translations and adaptations of your marketing, training and promotional materials in Spanish is a must.
A first-rate translation company like Galindo Publicidad Inc. can help you do that. We have years of practical experience with publications addressing the Hispanic communities around the country, and we specialize in fast, accurate translations for all your needs. To enter the Hispanic market successfully, you need a skilled translation company to partner with you. Let Galindo Publicidad Inc. be that company.
Wonderful post here Martha! One area of interest to me is the Hispanic professional workforce. With more Hispanic entering AND graduating from college – there will be a need to understand how this will impact work environments, leadership, and organizational culture. While there is still more work to be done in getting more Hispanics into professional and managerial positions, I like what I see in the trend lines you’ve provided. Thanks again!
Thanks Miguel
Yes, the more orgnizations start addressing the needs of these new consumers, they will realize they need to hire capable and skilled people with the right cultural competencies to serve them and grow. If the consumer does not understand it, they will not buy it. Can any company afford that?
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Great news, indeed! This brings with it great responsibility to those of us in the language and communication field. But I think it’s the challenge we’ve always dreamed of. By the way, congrats on the blog! Very nice. Saludos!
Thanks Pablo!
[...] and Bigger: Galindo Publicidad provides some nice stats regarding the Hispanic market and how it really is in the best interest of organizations to think [...]