The Hispanic/Latino market is growing in size AND buying power.

Spanish is the official language in 22 countries and is the third most widely spoken in the world (after English and Mandarin).  In 2011 there were 165 million Hispanic internet users, a group that grew 807% over the past 10 years.  Experts predict that by the year 2050 there will be 530 million Spanish speakers in the world, of which 100 million will be living in the USA.

In the US, the Hispanic market is not only growing in size but also in buying power. Consider the following data, courtesy of eBizMedia and H&R block:

Keeping the culture alive

The majority of US Hispanic/Latinos keep strong ties to their cultural heritage. 35 million US residents still speak Spanish at home. The People en Español Hispanic Opinion Tracking (HOT) Study found that 55% of Hispanics in the US are relatively ‘unacculturated’. This is the group that is least assimilated, living culturally isolated and in Hispanic dominant communities.  Not surprisingly, this group responds best to communication in their native language.

A market to be reckoned with

The US Hispanic population is growing in size and their buying power has increased at an even more staggering rate. This combined data reinforces the notion that the Latino market cannot be ignored by any US marketing organization. Latinos are an integral part of the US market as a whole. However, to reach and engage this audience, one has to consider the cultural nuances and language in their communications.

© 2012 Branded Translations.
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