Hispanics continue to be the fastest-growing segment of the total U.S. population, and the influence of this segment of the population is being seen in all aspects of the culture. Companies across America are awakening to the importance of Hispanic consumers and their growing purchasing power. http://www.nielsen.com/us/en/insights/news/2013/latino-populations-are-growing-fastest-where-we-arent-looking.html
Let’s review the numbers:
- Hispanic population: 56.6 million by July, 2015, 17.6% of the nation’s total population.
- 40 million is the number of residents who speak Spanish at home.
- $41,000 is the medium income of Hispanic household in 2015 http://www.upatlanta.com/pdf/hispanic-makes-sense.pdf
Though brands still remain cautious in their approach, they are beginning to realize that if they don’t act now, they may never get a second chance. The companies that are making a serious commitment to the Hispanic market have already realized that more success will come to those who support specific Hispanic business models targeting the Hispanic consumer. You don’t have to be of a specific heritage to sell to that particular cultural group either – you just need to invest the time to learn about their cultural characteristics and the values that would drive them to trust your brand. For instance, Hispanic consumers don’t want to be sold to, they want to connect with brands that embrace their culture and commit themselves to earning long-term and trustworthy relationships.
If you still do not offer your products to the Hispanic market, because you do not how to do it in our next post we will give you some tips about how prepare your brand to grow reaching new markets.