The multifaceted nature of the Hispanic consumer has over time been recognized widely as a fundamental aspect when it comes to the growth initiative for virtually all industries in the U.S. The community has a number of attributes that require companies to adopt Spanish advertising if they want to increase their revenue as well as their U.S Hispanic market share.
The surging Hispanic power and influence
Despite the fact that there has been a slowing immigration rate and reduced birth rate, Hispanics still accounted for about 50% of the U.S population growth from the year 2010 to the year 2015. They are without a doubt a large community that accounts for about 18% of the U.S population and all indications show that this percentage will continue to rise to about 24% by the year 2040 and 29% by the year 2060. In addition to that, the U.S Census projects that Latinos will account for about 65% of the population growth over the next 45 years. It is, therefore, imperative for companies to find ways to reach this growing number through Spanish advertising as much as they possibly can.
The bilingual nature of Hispanics
While 27% of Hispanics happen to be English-dominant and 19% are Spanish-dominant, 55% of Hispanics happen to be bilingual and indications show that this percentage is getting higher with each generation. Given the high number of bilingual Hispanics, using a multicultural marketing that favors one single total market will alienate a huge number of Hispanics. It is, therefore, vital for marketers to blend both Spanish advertising and English advertising to bring about effective communication.
The nature of the Hispanic buying power
Hispanics controlled over 1.3 trillion dollars in buying power in the year 2015 and projections show that this number is bound to increase tremendously to reach about 1.7 trillion dollars by the year 2020. The fact that Latinos have also made drastic gains in education has also helped drive positive economic results such as rising household income and increasing household expenditures. The blossoming buying power of the Hispanics is definitely something that companies can strive to tap into by ensuring that they adopt Spanish advertising that incorporates the U.S Hispanics.
The U.S Hispanic community has a number of attributes that make it a favorable market to tap into and benefit from. However, companies need to tailor-make their advertising to incorporate them as well.