According to the findings of recent studies of the U.S. Hispanic market, advertising in Hispanic/Spanish-language publications and/or using digital media appear to be highly effective ways for marketers to reach Hispanic consumers and influence their purchase decisions.
A Nielsen study released in early May 2012 found that even fully bilingual Hispanic adults use Spanish-language media, with 51 percent of those polled expressing a preference for Spanish-language advertising.
A 2013 study of the U.S. Hispanic market conducted by Pew Research indicates that the mix of media and technology is also a big factor. The study revealed that Hispanics are becoming more tech savvy, with 49 percent of U.S. Hispanics owning a smartphone and 76 percent going online through their mobile device(s) at least occasionally.
The Hispanic population of the United States exceeds 50 million (roughly the combined population of Canada and Australia) and is growing by more than 1 million persons each year. Nearly one out of every six persons in the U.S. is of Hispanic origin.
Already, the buying power of U.S. Hispanics is estimated at $1 trillion, represents nearly 11 percent of the nation’s total purchasing power, and is expected to grow to $1.5 trillion in 2015.
According to the Selig Center for Economic Growth, “U.S. Hispanic buying power will grow 60 percent faster than African-American buying power, 69 percent faster than Native American buying power, and 98 percent faster than Asian buying power.” Also, the study revealed that Hispanics are more likely to spend on groceries, phone services, apparel and footwear, but less on alcohol/tobacco, health care, entertainment, education and personal insurance.
Clearly, the U.S. Hispanic market clearly represents a huge opportunity for businesses that know how to tap into this burgeoning consumer base. But, how indeed?
The major keys to the efficacy of multicultural marketing campaigns targeted to U.S. Hispanics are 1) the use of cost-effective advertising in Hispanic/Spanish-language publications and/or digital media and 2) unique advertising that is culturally relevant and specifically targeted to the current generation of U.S. Hispanics (i.e., engaging the Latino market’s lifestyle and language preferences – whether English, Spanish or both).