BY SOFIA ECHEVERRIA KECK (HispanicMarketing.co)
With the Hispanic population growth rate being six times faster than that of the entire United States population, the Hispanic Market is a piece of the pie that you can no longer afford to ignore. Every day that you don’t market to Hispanics you lose money. Between 1990 and 2008, the Hispanic population has increased by 107% compared to 14% for the non-Hispanic population. In case you weren’t aware of the demographic statistics for Hispanics, here are a few key figures:
- The 2006 American Community Survey shows that one out of every seven people who reside in the U.S. is of Hispanic origin. Three out of five Hispanics residing in the U.S. were born in the United States and approximately half of all U.S. immigrants are from Latin America.
- According to the U.S. Census Bureau there are an estimated 44 million Hispanics in the U.S. as of 2009. This means that the United States is home to the world’s third largest Hispanic population (trailing Mexico and Colombia.)
This growing Hispanic market is not only strong in terms of population growth, it is also young and becoming more affluent at a rapid rate. Hispanics are investing in technology and they have a big online presence. According to HispanTelligence.com, the U.S. Hispanic marketpurchasing power is projected to reach 1.3 trillion dollars by the year 2015. Hispanics are great online consumers. They are extremely active in online activities and more receptive to new technology than non-Hispanics. Additionally, Hispanics are more prone to refer products or services to friends and family, making your marketing efforts much more efficient.
Today, at least 61% of Hispanics are online and they account for over 14.5% of the total online market. If your business does not market to Hispanics because you don’t speak Spanish, no worries. The Pew Hispanic Center reported in 2010 that 47% of Spanish-dominant Latinos use the internet, compared to 74% of bilingual Latinos and 81% of English-dominant Latinos. Most Hispanic consumers speak English and still appreciate being marketed to with an eye towards cultural relevance, whether in Spanish or not.
The U.S. Hispanic population is projected to grow exponentially to over 100 million people by 2050, which will be approximately one quarter of the total U.S. population. Successful start-up companies and established corporations are actively marketing to Hispanics today. If you haven’t done so yet I suggest you get moving.
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