Consumer Adaption: Hispanic Market on the Rise

In the ever diversified American consumer market, the Hispanic population continues to grow and is on the road to establish itself as a powerful consumer market demographic. The Hispanic growth means that traditional marketing by US businesses must begin to adapt to different advertisement campaigns tailored to different demographics. Failure to communicate effectively with different demographics will result in lost market share.

Recent news from the Pew Research Center reports that about 56 percent of total US population growth over the past decade has been attributed to the Hispanic Community. Additionally, the purchasing power of this growing community has been estimated at an astounding $1.5 trillion. However, even with big dollar figures, businesses are lacking in targeting the Hispanic market.

Cultural adaption in marketing content for the Hispanic market is a must for future growth in US commerce.

Here are several points regarding this phenomenon:

·         Consumer Demand. The Hispanic market has growing buying power, which translates into business’s need to meet this demand. Additionally, increased marketing attention towards the Hispanic market is important to continue gaining market share.

·         Translation. Translation is very important; Hispanics prefer to shop in their own native language. A survey done by One Hour Translation with over 2000 clients reported that individuals were more likely to buy from a website in their native language. Additionally, it is also very cost effective to do so. Large U.S. enterprises include about 2.5 percent of their budget on non-native speaking marketing, and at the same time are reeling in approximately 50% annual revenue from this market. Including and increasing the budget for the Hispanic community is clearly without question a very good choice

·         Increased Sales & Revenue. A great example is Vallarta Supermarket who translated its web content into Spanish and provided discounts for foods catering to the Hispanic community. Its increased current success is attributed to this inclusive strategy.

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