How to successfully capture Hispanic Customers
January 28, 2016
The following is a compilation of 7 key statistics that create a compelling case for developing a US Spanish language translation strategy for companies targeting the Hispanic Customers.
To put into perspective, the US is now the second most Hispanic populated country in the world, just behind Mexico. In economic terms, the purchasing power of Hispanic customers is $1 trillion.
The Spanish language is deeply rooted among Latinos. More than 35 million Americans, or approximately one in nine, speak Spanish at home. This number has more than doubled in 19 years (from 17 million in 1990).
Univision, for instance, is now the fifth network in the United States behind ABC, CBS, NBC and Fox. US Spanish translation requirements both for marketing and employee training continue to be driven by the sheer size and growth patterns of the market.
Targeting Hispanic customers in US Spanish has proven to be extremely successful. Hispanics customers tend to make positive conscious and unconscious connections with the Spanish language.
The connection is noticeable even among English-dominant Hispanics. Cost-effective initiatives such as document translation may yield an excellent Return of Investment.
The Hispanic community growth is unstoppable
In most cases, Latin growth is spearheaded by foreign nationals who tend to be of Limited English proficiency. States witnessing this phenomenon include traditionally “not-Hispanic” states including Alabama, Arkansas, Kentucky, Mississippi, North Carolina, Tennessee and South Carolina in the Southeast, as well as Maryland in the Mid-Atlantic and South Dakota in the Mid-West.
While this figure is just 4% of America’s GDP, the staggering fact behind it is the growth pattern: Hispanic-owned businesses grew by 55% from 2002 to 2007, at a time when the entire U.S. economy grew by about 10%.
The implication here is that Hispanic-owned businesses may very well be one of the few reliable engines of growth and job creation in the near future. Communicating in Spanish with this group of decision-makers may be a good investment.
Hispanics customers are by far the fastest-growing minority group in America. While only 16% of the overall population, Latinos accounted for 56% of US population growth from 2000 to 2010
It’s estimated that 30% of the nation’s population will be Hispanic by 2050. Latinos already account for more than 50% of births in several states including in California and Texas. Keep in mind that a child born in 2011 will be 39 in 2050.
What other statistics do you believe are relevant? Feel free to provide your thoughts on the comments section below.
If you would like additional information on this topic or have questions on planning and executing your next translation or multilingual initiative, contact us today for a free 30-minute consultation or call us at (800) 413-7838.