The US Hispanic market is wielding an ever-increasing amount of purchasing power.
And your competitors already have a detailed, thoroughly researched strategy in place to reach out to US Hispanics.
Here are 10 things your competitors already understand about the US Hispanic market.
1) The US Hispanic Market is Growing. Fast.
Approximately 54 million Hispanics lived in the US in 2013, according to Pew Research Center.
Hispanics today make up 17 percent of the US population and this growth is only set to accelerate. The US Census Bureau projects that by 2060 the Hispanic population will account for 28.6 percent.
2) The Spanish Language Matters to US Hispanics.
More than 82 percent of Hispanic adults say they speak Spanish. Studies by the Pew Hispanic Center show that 95 percent say it’s important for future generations to continue to do so.
So, while an increasing number of US Hispanics are bilingual (currently 51 percent), reaching out to US Hispanics in Spanish is more important than ever.
3) US Hispanics are More Likely to Be Loyal to Companies that Communicate in Spanish.
According to the Experian Simmons Summer 2011 National Hispanic Consumer Study, about 56 percent of Spanish-dominant Hispanics agree that, “When I hear a company advertise in Spanish, it makes me feel like they respect my heritage and want my business.”
Similarly, 54 percent of Spanish-dominant Hispanics feel “much more loyal to companies that show appreciation of our culture by advertising in Spanish.”
You need to communicate the right messages, in Spanish. Professional language services companies can help in a variety of ways, including Spanish translation and localization for the US Hispanic audience.
4) Spanish Will Make your Advertising Much More Effective.
Screening a Spanish-language commercial – rather than the original English-language version – increases ad recall by up to 30 percent among US Hispanics. Furthermore, according to Nielsen TV Brand Effect, US Hispanics report liking ads 51 percent more if they watch them in Spanish rather than English.
Language services companies that specialize in advertising can localize your content to engage the US Hispanic audience. They’ll also offer a variety of multimedia production services, including Spanish-language voiceover for the US Hispanic market.
5) US Hispanics Purchase Many Goods and Services Online.
US Hispanics accounted for 11 percent – or about $2.2 billion– of total e-commerce purchases made across the United States in the first quarter of 2012.
Do you have a Spanish language version of your website? No? You should.
Effective website translation and localization will increase Hispanic visitors to your site, improve conversion rates, and minimize shopping cart abandonment.
6) US Hispanics Love Using Their Smartphones to Shop, to Engage with Multimedia and to Socialize.
Approximately 60 percent of US Hispanic households own at least one cell phone that can play video and access the Internet, compared to 43 percent of the general market, according to the Hispanic Market Imperative Report.
US Hispanics spend 68 percent more time watching web video and 20 percent more time watching video on their mobile phones compared to non-Hispanics.
Hispanics outpace all ethnic groups in mobile data service consumption including music and picture downloads.
7) The US Hispanic Market is Trendy.
US Hispanics like to be the first to share with their friends (30 percent vs 13 percent), are more than twice as likely to follow trends than non-Hispanics (41 percent vs 18 percent), and enjoy trying new products first (31 percent vs 14 percent).
8) Two-thirds of US Hispanics Live in Just Five States.
States with the largest Hispanic populations:
- California – 14.4 million Hispanics (28 percent of all US Hispanics)
- Texas – 9.8 million Hispanics (19 percent of all US Hispanics)
- Florida – 4.4 million Hispanics (8 percent of all US Hispanics)
- New York – 3.5 million Hispanics (7 percent of all US Hispanics)
- Illinois – 2.1 million Hispanics (4 percent of all US Hispanics)
But do you know the states with the fastest growing Hispanic populations since 2000?
States where the Hispanic population is growing fastest:
- South Carolina – 241,000 Hispanics (154 percent growth)
- Kentucky – 132,000 Hispanics (132 percent growth)
- Arkansas – 190,000 Hispanics (123 percent growth)
- Minnesota – 257,000 Hispanics (120 percent growth)
- North Carolina – 828,000 Hispanics (120 percent growth)
*Stats taken from the Pew Hispanic Center
9) US Hispanics Tend to Think of Themselves in Terms of the Country of Origin.
There are 10 Hispanic origin groups – Mexicans, Puerto Ricans, Cubans, Salvadorans, Dominicans, Guatemalans, Colombians, Hondurans, Ecuadorians and Peruvians – that constitute 92 percent of the US Hispanic population.
Messages that communicate effectively with those of a Mexican background (63 percent of US Hispanics) might not engage those of a Dominican (2.8 percent of US Hispanics) background.
Remember that a person’s national origins influence the words, the phrases and the idioms they use in Spanish.
10) US Hispanics have Serious Purchasing Power.
The $1.3 trillion US Hispanic market is larger than the entire economies of all but 13 countries in the world. And it’s set to grow by 50 percent in the next five years. The Selig Center for Economic Growth predicts that by 2019, Hispanics will account for 10.6 percent of the total US buying power.
Don’t get left behind by your competitors – contact Accredited Language Services to find out how we can assist your US Hispanic marketing efforts.