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May12
The exploding Hispanic market in the U.S

hispanic market.jpgThe recent merging of Yahoo and GE's Telemundo Network made me think again of the burgeoning Hispanic market in the U.S.

I've mentioned before on this blog, but it's worth repeating: the Hispanic market in the U.S. is estimated within four years to have the buying power of 2/3 of China. While the Chinese market is important and receives huge press coverage, you just can't ignore the dynamic of the American Hispanic market.

Now there's another insight to keep in mind concerning this. It has also been found that approximately half of U.S. Hispanics interact with English-written Web sites. The reason I mention this is that the only strategy for American Hispanics isn't to get things put into the Spanish language. But there can definitely be an Hispanic flavor in parts of your sites or a complete Hispanic marketing effort other than the fact that there will also be English words included.

You just can't underestimate the importance that this demographic represents in the years ahead. As the U.S. Census Bureau reports: Hispanics are the youngest overall segment of the American population and the fastest-growing. Their average age is 27 in comparison to 31 for African-Americans and around 40 for white non-hispanics.

Like any demographic, this one cant' and shouldn't be lumped together, but must be marketed to on numerous fronts in a multi-faceted strategy.

Ignore this and you'll miss an extraordinary potential for growth in your online business.


4 Comments/Trackbacks




Gary, you're right - this is huge. I have extended family members who make a living off of working with Hispanic people in the U.S. I know Spanish myself, and I'm glad I do because in a few years, it may well become the second official language of the United States. At the least, it's becoming more and more important to not only know Spanish if you live in the U.S., but also how to work with those of a Hispanic background. Muy, pero muy importante.

Easton,

It really is huge. I don't think a lot of companies understand the significance of the estimated buying power of the Hispanic market.

Something you should also mention is the fact that when targeting groups as the Hispanic Market, the interactive marketing could be significantly more effective that traditional media.

The US Hispanic market in fact is an aggregation of very diverse ethnicities that have in some cases very different cultural backgrounds.

On line media allows advertisers to target those specific groups under the umbrella of US Hispanics: west coast composition is completely different that South Florida, or New York, or even Chicago and Texas. Although in general we refer to it as US Hispanic, in fact language, acculturation level, age and geographic location in the US as well as country of origin, makes of this group a very complex one to segment on traditional channels.

Some US Hispanics are even more easily reached by placing advertisement in online newspapers in their country of origin rather than Spanish sites in the US. See it by yourselves, take a look at Clarin.com for example from Argentina, and look at the banners offering IP telephony for people in the US (using ip targeting). These ads are not being served for users in Latin America.

Keep posting about this segment, online is growing significantly among Hispanics and I over the general market on broadband penetration as they are late comers to the internet and leapfrogged the dial up altogether in most cases.

Ignacio Roizman
e-volution digital marketing

Ignacio,

Thanks for your thoughtful comment.

I totally agree that there isn't really something called an "Hispanic" market, in the sense of it being considered one, cohesive group you can market to as a whole.

There is extraordinary diversity within the Hispanic culture and background, and needs to be marketed to as such.

Thanks again for you added insights!

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