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When I worked in Spanish Language Television in the Advertising Department 15 years ago, there was an underlying thread or buzz of the phenomenal growth to the United States of this market base, and how this would be the greatest consumer in the market in the years to come. Back then, this was still a difficult sell. Coming from the migrant farm workers and agricultural center of California, it stood to reason, most immediately, because the Hispanic population in my area was enormous for obvious geographical reasons.
While I did not stay in the television market, and moved on to other endeavors, it was an area of the market trend I did follow and every chance I had to read up on, and study further, I consumed like a great piece of candy. It has always fascinated me.
Today, in consideration of the years past, the change of the economy and the facts and events historically which have brought us to the pivotal moment of this one, regardless of where you are in the world, or what you are doing, the numbers projected 15 years ago, and the numbers that exist today are exponential when it comes to the Hispanic consumer, and exactly how much they do attribute to the U.S spending, the travel and the way we market and do business.
Today, 1 in every 4 teenager’s is Hispanic. Their households are both English and Spanish Speaking and in most cases, they communicate in majority of the native Spanish Language. Today the Hispanic consumer across the country accounts for 62% of the U.S buying power. Today, Hispanics are the middle class of America, earning on average $45,000.00 per year. As a matter of fact, since 2003 alone, the number of Hispanics earning 6 figure incomes has increased by 126%.
In 1990 the Hispanic buying power was $212 billion dollars annually, in this coming year, a number that is expected to exceed $1.3 TRILLION in the year ahead. This consumer is travelling, buying a home, spending money on college tuition, computers, investing, dining out, remodeling, buying automobiles, seeing concerts, watching movies, and the list goes on and on and on.
While they live here in the U.S and make a life, it is proven that over 69% prefer to watch their news and read their internet in their own language, SPANISH.
It isn’t enough to concentrate all of your effort s in English. It isn’t enough to expect that you are reaching as much of the market and consumers as you could be, in English. Follow the trends, do the math, and do your homework.
Are you missing an enormous part of the market because you didn’t consider tapping into this market the right way reaching every consumer?