Why marketing to the Hispanic consumer matters to everyone?
The rise in the economic power of Hispanics in the United States, and the way they identify themselves – by culture and language, not race – have created a consumer market that coexists alongside the larger “Anglophone” one. This fact is taking us to the stage where bilingual business presence cannot be ignored.
Hispanics refuse to give up their culture and language. Proof? — Pick up the phone and call any customer service number and you are likely to hear, “Press one to continue in English,” followed by “Oprima dos para Español.”
The Hispanic population accounts for about 15% of the U.S. labor force and is projected to reach almost 20% by the year 2020. In addition, higher-paying management and professional occupations are the fastest-growing job categories for Hispanics, propelled by growing educational attainment. All of this comes as employment has grown more than 16% since 2000, while overall U.S. employment has barely grown 2%.
As the U.S. Hispanic economy continues to solidify its growing influence in the 21st century, the ripple effects already have begun to profoundly alter the nation’s political, social, cultural, and economic structures.
The Hispanic population grows and matures. Its structure is changing in almost every way, from educational levels and labor force composition to household characteristics and accumulation of wealth. It is these evolving factors that drive the increasing influence of Hispanics in U.S. consumer markets.
(Sources: Excerpt from The U.S. Hispanic Economy in Transition: Facts, Figures, and Trends introduction by Juan B. Solana, U.S. Bureau of Labor Statistics).