Spanish-speakers can be found around the world in dozens of different countries - from Mexico to Argentina to Spain - each with unique dialects. With over 400 million Spanish-speakers worldwide, the Hispanic market is anything but a niche anymore for businesses. In the U.S., it is a group with $976 billion in spending power. (Hispanic Trends, Mar08)

According to marketing industry publication, Deliver magazine, "Marketing departments now recognize Latinos as upwardly mobile, loyal, and tech-savvy consumers - characteristics that appeal to any consumer good or service company." U.S. businesses across all industries are focusing more and more on the rapidly growing Hispanic market through targeted advertising spending and customized products.

In fact, advertisers spent an estimated $3.3 billion to market their products and services to U.S. Hispanics in 2005, a 6.8 percent increase from the previous year. By the end of this year, HispanTelligence estimates that Hispanic market advertising expenditures will increase to about $4.3 billion, in an attempt to reach the rapidly growing U.S. Hispanic population. (Source: "U.S. Hispanic Media Market: Projections to 2010," HispanTelligence)

Reaching Hispanics and getting them to hit the "buy" button is dependent on a marketer's ability to leverage language, lifestyle, and other cultural cues. There are several sub-groups within the big bucket labeled "Hispanic." For example, a Hispanic or Latino from Mexico will have different cultural references and slang/terminologies than someone from Peru. In fact, perhaps the single most important segmentation factor may be country of origin.

Specifically in the U.S., the Hispanic market is comprised of subcultures from over 20 countries in Central and South America, the Caribbean and Spain, with the majority (63 percent) of Mexican heritage. The culture, beliefs, opinions, and consumer behavior patterns of U.S. Hispanics are not identical, as a result of the influence of differences in their native countries' geography, indigenous ancestry, and colonial origins.

And, yes, language is still a factor. Because immigrants often locate to specific areas populated with others from their native countries, some can live in the U.S. for years without becoming fluent in English. Others may speak English but feel more comfortable reading or speaking in Spanish.

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For information about translating marketing materials or localizing your website for Spanish, contact us.

Sources:
HispanTelligence
Advertising and Marketing Review
Deliver magazine