Many companies have made significant investments in marketing to the U.S. Hispanic population, and for good reason. These customers are connected, active online, and influencing the economy at a rapid clip.
But should companies market to them as a separate, distinct population, or should they consider them part of the core U.S. population? And should that marketing be in Spanish or English?
A look into some of the data behind the powerful U.S. Hispanic market can provide us with some answers.
Is Spanish Language Marketing Still Needed?
If you ask marketers whether they are tailoring their marketing to U.S. Hispanic audiences, you will find varied answers.
Some are still creating content in Spanish expressly to reach U.S. Hispanics, while others cite increased adoption of English as a preferred language and reason to stop doing so.
According to Pew Research, a record 35 million Hispanics ages five and older say they are English-proficient, up from 19 million in 2000. Among this group, 14 million Hispanics speak only English at home in 2015, up from 7 million in 2000.
But, a close look at digital media consumption shows that the percentage of Hispanics who stream content in Spanish has actually increased. In 2017, 47% of Hispanics ages 35-64 reported streaming Spanish-language content, up from 41% in 2015. The increase was even greater among Hispanic millennials, with 65% streaming Spanish-language content in 2017, up from 46% in 2015, a whopping 19-point leap.
Whether or not English language usage is on the rise in Hispanic homes, it is clear that Spanish language content still has a prominent place in their media—and that it is still a viable investment for smart companies to make.
What About Buying Power?
Companies should also consider that not only are Hispanics growing in number, the outlook on their economic growth is very positive.
Second-generation Hispanics tend to have significantly higher incomes than first-generation Hispanics, along with better jobs and better education. They’re also a strong population of business owners, with 12% of all U.S. companies being Hispanic-owned, and almost 1 in 10 U.S. Hispanics being business owners.
In addition, upward mobility among Hispanics is substantially higher than for other minorities. Their median household income is up 6.1% – the largest rate of increase among all ethnic groups.
By these numbers alone, the U.S. Hispanic market has proven its substantial buying power, influence over the economy and capacity to drive growth and sales for businesses across the country.
A Demographic Poised for Prosperity
Though the growth of the Hispanic population in the United States has slowed somewhat, and they are being integrated into American culture more than ever before, this market remains large and an important audience for businesses to consider.
U.S. Hispanics represent consumers, decision makers, business owners and influencers. It’s critical for businesses to tailor content and marketing materials to their cultural and language preferences to resonate and stay relevant with this audience.
Authenticity isn’t a trend. Personalization isn’t a fad.
Serving a diverse population — including U.S. Hispanics — never goes out of style. A strong commitment to international audiences and populations is a business strategy that always pays rich dividends, both today and tomorrow.