Spanish-language industry initiatives are mandatory – for a variety of reasons: - 78% of Latinos speak Spanish, even if they know English
- Current research demonstrates that, even among Hispanics who grew up with English, there has been no increase in an “English-only” preference. One study by HispanTelligence reported that the group speaking both English and Spanish had climbed from 57% in 1995 to 63% and is projected to increase to 67% by 2010. Children in this group keep their language at four times the rate of other immigrant groups such as Filipino, Chinese, or Vietnamese.
- Since 2000, U.S. Hispanics accounted for 50% of U.S. population growth
(source: PRNewswire) - Hispanics make up one-half of all new workers in the U.S. Within two generations, they will go from 12% of the total workforce to 25%
(source: BusinessWeek) - Purchasing power is currently estimated at over $800 billion per year and has been growing at twice the rate of the rest of the U.S. population
(source: PRNewswire, BusinessWeek) - Hispanics own 1 in 20 U.S. companies – nearly 27,000 have over $1 million in revenue. Hispanic business ownership is up nearly 30% since 1998
(source: USA Today, BusinessWeek) - Hispanics have the fastest growing rate of home and business ownership in the U.S.
(source PRNewswire)
MORE STATISTICS: - The Hispanic population in the United States increased by 58%, from 22.4 million in 1990 to 35 million in 2000. Source: U.S. Bureau of the Census 2000.
The U.S. is the 5th largest Spanish-speaking nation in the world. - The median age for Hispanics is 24.8 years, while the median age for the entire U.S. population is 38.4 years.
- 70% of the Hispanic population lives in five states: California, Texas, New York, Florida and Illinois.
- The 35.3 million Hispanics that reside in the U.S. come from various Latin American countries: 66% from Mexico, 15% from Central and South America, 9% of Puerto Rican, 6% from other countries, 4% from Cuban
Source: Strategy Research Corporation, 2000 U.S. Hispanic Market
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Wisdom words: |
“You know you have a great product, the price is right, and you’ve spent a bundle on a barrage of slick, witty advertisements. Yet sales are slack, so your ship sinks while your competitors sail away on surging revenues. If this sad tale sounds familiar, you may have neglected the most critical aspect of your marketing plan - targeting. Would you try to sell a stack of Bibles in a Las Vegas casino? Or a hot cocoa drink in the desert? Every target is a culture. Know it well or you’ll miss your mark.
The Hispanic community is a prime example. With hefty political clout, rich traditions and a lot of money to spend, this is an ideal target audience for American firms eager for new income streams. But leaders of the dynamic and diverse Hispanic populace have a message for mainstream corporations. When you come calling with your hand out, be prepared to offer more than just Hola!”* *From: http://www.hispanicad.com
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| By the year 2050, nearly one-quarter of the nation's population will be Hispanic. Source: U.S. Department of Education |
