The Emerging Hispanic Market
It is not surprising that one of the largest emerging markets in the world today belongs to a burgeoning Hispanic population. In recent years, the buying power of this group has grown dramatically and will continue to do so. Increasing wealth and educational opportunity positions the United State’s second-largest ethnic group as one destined to have a powerful and lasting market impact.
Outside the U.S., several Latin American nations are experiencing a significant economic upturn. Improved retail sales and increased production of consumer goods have had a dramatically positive affect on the economic outlook in Hispanic markets.
Historically, business interests have paid significant attention to language itself as a means of penetrating these desirable markets. American Hispanics prefer to watch television where Spanish is predominantly spoken. In addition, most Hispanics prefer to speak Spanish in their own homes.
Unlike English television, which is available on any number of channels, Spanish-speaking TV is concentrated on less outlets and is therefore watched more intensively by Hispanic viewers.
This makes Spanish-speaking media an effective choice for advertisers attempting to communicate with this growing target-market. At the very least, companies will design custom-tailored messages for these Spanish-speaking media outlets in addition to traditional English-speaking advertisements.
Hispanic consumers tend to be more faithful to particular brands in some instances than are their counterparts of other ethnicities. They don’t shop quite as often, but when they do venture out, Hispanics spend more.
They also visit more fast-food restaurants and have children in tow when they do, which ultimately affects parental purchasing choices. Hispanics historically purchase more beverages causing long-term projections for beverage sales in the coming years to tilt higher for the Hispanic market than for Caucasian consumers. Both Qualitative and Quantitative research methods can uncover areas of opportunity to boost your business performance.
Market Research in Latin America
Each Latin American country has its own distinct attitudes, mores, preferences, peculiarities, and distinguishing characteristics.
To throw a broad blanket of sameness over this area of rich historical and cultural significance would be a mistake. This is where the importance of experienced international marketing research becomes essential, for initial consultations, and for taking advantage of established methodologies which give one the best opportunity to understand these emerging nations and cultures, and to gain from that understanding.