As a percentage of the overall U.S. population, Americans who were born in Latin America or who are of Hispanic descent is increasing, particularly in the Southwest. Curiously, the majority of brands have not yet begun to allocate the resources necessary to target this key demographic or bothered to learn anything about the needs of this community.
Put simply, your business needs to reach this market, and what follows is four reasons why.
1) Math. Roughly 50 million people who identify as Hispanic call the U.S. home, well over 11% of the total population of the country and more than 28% of Californians, according to the U.S. Census Bureau. That number is anticipated to grow to more than 130 million by 2050. Part of what makes this segment of the population such a powerful target audience is that many these Americans of Hispanic descent are bilingual in English, or at least know enough English to recognize American brands.
2) Buying Power. According to the Terry College of Business at the University of Georgia, the U.S.-based Hispanic market is bigger than the economies of all except 13 nations in the world, ranking at $1.2 trillion. This translates to more disposable income to spend on your goods and services.
3) Loyalty. Those businesses who dedicate themselves to delivering relevant programs and ads with contextual value to the Hispanic market will likely be shared between friends and family. The key to reaching these consumers is understanding what they need and value rather than just translating an existing ad from English to Spanish.
4) Growth. Anyone looking to target Hispanic consumers needs to recognize their dynamic expansion not only in traditional centers such as the Southwest, Florida, and New York, but other states such as the Carolinas, Nebraska, and Colorado. This growth translates to more opportunities for consumers and companies trying to reach them.
The numbers and influence are growing among Hispanic consumers, and any brand that does not wish to cater to their unique needs does so at their own peril. Are you looking to reach this diverse and expanding segment of the populace? You need a Los Angeles advertising agency that creates ads in-house in Spanish, with a dedicated team that knows what these consumers care about.
Sometimes it’s beyond translating—call Ad Leverage to learn how we can help expand your business’ reach.