The Hispanic population in America is increasing at a staggering rate. In fact, it is projected that by 2050, this group will reach 133 million people, a total of 30% of the American population, which is actually larger than the entire population of America during the 1940s. While traditionally many people have associated Hispanic communities with southwestern states, the Hispanic population is surging across the entire nation, including a 7% annual increase throughout the Midwest and areas in the Rocky Mountains. Colorado alone saw their Hispanic community skyrocket by an impressive 188% during the 1990s. With this influx of population, it is inevitable that the landscape of American society will be affected.
This impact is not merely cultural, but it affects all aspects of American life. From politics to entertainment, the power of Hispanic influence is palpable in all arenas, including consumerism. With this amount of growth in the Hispanic population, business owners in all areas and for all products need to be ready to market themselves to this community. After all, it is estimated that Hispanic consumers will spend over 700 billion dollars this year. In smaller states alone, Hispanic purchasing power could reach 4.2 billion dollars annually.
With this kind of money being spent, any smart business should be finding ways to reach this powerful consumer base. In order to do this, a business needs to look beyond mere marketing tactics, and carefully examine their entire operation. After all, simply translating an ad into Spanish may let more people understand it, but without an grasp of the people themselves, it is likely to have little effect. Rather, businesses must not only market with the Hispanic consumer in mind but also try to tailor their services to best draw this population in their doors.
Some important things to remember are that the Hispanic community is actually comprised of people from various nationalities from throughout Mexico and Central America. This means that it is important to be aware of what type of translations are used. Some words carry different connotations in different Hispanic cultures, and if used incorrectly could be confusing or unintentionally offensive.
Even beyond being precise in translation, it is important that the goods being offered appeal to this clientele. With different cultural standards, products popular in the past may not meet the needs and wants of Hispanics. It is critical to know these consumers and to be willing to change product names or to alter services somewhat in order to catch the eye of the Hispanic consumer and to keep them coming back.
Ultimately, the time to act is now. With 42.8 million Hispanics already in the country, waiting for 2050 will simply be too late. Hispanic purchasing power already exists, and is increasing at double the rate of non-Hispanic consumers. By 2010, it is expected to top the one trillion dollar mark. Neglecting this consumer base is simply bad business, and any delay in entering the market will only result in money lost to the competition.