Page 44 - Latino Boom II

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l a t i n o b o o m I I
example, in Mexico a bus is called camión, a word that in other Latin
countries means “truck.”
From a communications perspective we recommend using a variation-
free Spanish when targeting the whole market. In those cases where
marketers are trying to reach a specific segment—say, people of Mexi-
can origin—using terms that are exclusive to this group can make the
message stronger by striking a chord of familiarity and generating a
more emotional bond. However, in those cases, one has to be careful
in one’s choice of words so as not to alienate or insult other groups by
using words that may have different meanings or interpretations. In any
case, we all have to be sensitive to using the Spanish language in a way
that preserves its integrity but reaches our target consumer. After all,
Spanish is one of the strongest links that unite this community, and if
we damage it, we will weaken our cultural bond forever.
H I S P AN I C B U Y I NG P OWE R
The Hispanic community’s buying power is soaring. According to the
Selig Center for Economic Growth, which publishes the “Multicultural
Economy” report every couple of years, the Hispanic buying power sur-
passed the African American buying power in 2006. Demographics will
continue to drive the brisk growth in Hispanic buying power over the
next decade as proportionately more Hispanics enter the workforce for
the first time or move up in their careers. Also census data show that
Hispanic households are substantially larger than non-Hispanic house-
holds (3.2 persons per household vs. 2.4 persons for non-Hispanics), and
have nearly twice as many children under eighteen. So, despite lower
average incomes, Hispanics spend more than non-Hispanics in many
categories including: dining out, housing, utilities, and transportation.
In fact, IBISWorld published a special report in August 2011 in
which they forecast that in the United States over twenty industries in
seven different sectors could benefit from the growing buying power of
Hispanics, if they are able to capture a substantial share of this growing
market. The seven sectors identified by IBISWorld are: food (grocery
and restaurants), retail (especially clothing and electronics), education
(higher education and technical schools), financial services, real estate,