Hispanic Purchasing Power in the US
December 11, 2019
by U.S. Translation Company, blog sponsor and partner of the Goddard School of Business & Economics
With over 60 million people living in the US, Hispanic purchasing power isn’t something companies can afford to ignore! If you’re trying to take your business to the next level, read on. We’re taking a look at the sheer force of the Hispanic community, and how their $1.6 billion buying power is inspiring businesses to start selling in Spanish.
DEMOGRAPHICS OF HISPANICS IN THE US
- They represent the second largest ethnic group in the US.
- They have the second largest buying power in the country.
- Forty-one million speak Spanish.
- “Hispanic” isn’t one culture: There are distinct buying differences between cultures and it is important to know the differences in advance.
- Two-thirds are digital buyers.
- The locations with the greatest buying power are: Arizona, California, New Mexico, and Texas.
Although currently the Hispanic community reports lower than average incomes, in the next five years, research suggests that Hispanic buying power is expected to grow to $1.8 trillion.
MARKETING TO THE US HISPANIC POPULATION?
Understanding that “Hispanic” is not one culture, it’s important to note that you shouldn’t attempt one big campaign targeted to everyone. Consider unique demographics such as first or second generation, current location, and native country. As each Hispanic country has a unique culture, for ethnic marketing to work, understanding differences is key. Also take into consideration that the Spanish language varies by country. Think about UK, Australian, Irish, and US English. Same base, different words, spellings, phrases, idioms, etc.
FOCUS ON THE CULTURE OF COMMUNITY
Because Hispanic buyers have a strong sense of community, earning the trust of influential groups leads to referrals and a snowball effect in product popularity and sales growth.
ADDITIONAL INTERESTING AND USEFUL TIDBITS
Fifty-one percent of US Hispanics are under the age of 30. This group belongs to the category of digital natives and is a large consumer of new and digital technologies. As evidence, the US Hispanic population spends an average of 52 hours per week on their phone, where digital advertising is prime and incredibly effective.
When executing digital campaigns, marketers can now be almost laser specific about their target, including their language, habits, likes, familial status, and other preferences. A marketing campaign should be incredibly specific and target the culture in which your potential customers are thriving, which is likely to be different across the US.
When marketing to the US Hispanic population, including elements of cultural nostalgia give your consumers’ heritage validity. Doing this can earn you credibility, gain their trust and help turn them into brand ambassadors, where they start to do the networking for you!
And finally, don’t use electronic translation to do your localization. Digital translation understands the transfers of words, not ideas, cultures, jokes, idioms, sayings, etc. There’s no better way to kill a marketing campaign than botching the language up front.
ABOUT U.S. TRANSLATION COMPANY
By offering written translation, live voice and remote interpretation, hybrid and machine/neural translation, website proxy translation, foreign language voiceover, interpretation equipment rental and purchase, project management, translation memory and language data management U.S. Translation Company has built an ironclad dependable reputation in the translation industry. U.S. Translation Company certifications: ISO 9001:2015, NMSDC, GSA, SBA and ATA accredited. Audits through an independent ISO auditing company are performed annually to maintain full transparency for 100% quality. Client data security along with privacy are an integral part of maintaining a 98% client retention rate.
ABOUT DAVID UTRILLA, U.S. TRANSLATION COMPANY PRESIDENT & CEO
As a Weber State student, David Utrilla founded U.S. Translation Company in 1995 to provide translation and interpretation services to help organizations break down communication barriers. Today, his company is one of the premier language businesses in the world, with over 4,000 linguists located around the globe, and has been listed six times in Inc. 500/5000 for fastest growing companies in America. Mr. Utrilla also serves as the Honorary Consul of Peru and is the upcoming president of the Utah Consular Corps.