Just last year it was projected that Hispanic consumers would have $1.5 trillion in buying power in the U.S., but it is now expected that this number could be as high as $1.7 trillion by the end of 2015. Experts believe that this momentum will continue, with U.S. Hispanic buying power increasing by 50% within the next five years.
This consumer power is being attributed to the rise in total Hispanic population in the U.S., as well as the rise of Hispanics enrolled and completing college. The Pew Research Center reported that Hispanics make up more than 17% of the total population in the United States and Hispanics enrolled in college ages 18-24 has tripled since 1996.
“If it were a country, it would be the world’s 11th largest economy.” — Mike Valdes-Fauli, President and CEO, Pinta.
With the expected 50% increase, marketing agencies have been encouraging their clients and other businesses to communicate to these powerful Hispanic consumers in their native language. Mike Valdes-Fauli who is the president and CEO of a cross-cultural marketing agency, Pinta, told the International Business Times that this increase in buying power should not be ignored. “If it were a country, it would be the world’s 11th largest economy,” said Valdes-Fauli.
We’ve seen the numbers. But why should I translate my content?
It’s simple: Hispanic consumers tend to have more loyalty towards brands and companies that communicate with them in their own language. Meaning that, to capture your share of this tremendous buying power, your materials must be translated into Spanish.
Hiring a translator whose native language is Spanish, like our head translator Elsa Jimenez, can help to ensure that your business experiences the benefits of the rapidly increasing buying power of the Spanish-speaking population.
English to Spanish Raleigh offers Spanish Business and Marketing Translation services to help your company, organization, or book effectively advance in the Hispanic consumer marketplace.
Call English to Spanish Raleigh at 919-995-2986 or fill out our online contact form below to get started unlocking your potential in this powerful audience segment.