It’s well known that Hispanics are the fastest growing ethnic group in this country and that they have a growing purchasing power. However, many organizations still have the misconception that Hispanics are a group of people that speak only Spanish and can’t afford to buy their products and services. Nothing could be further from the truth. According to Hernan Tagliani from the Latin Business Journal, upscale Latino households have household earnings between $50,000 and $100,000 and for the most part are bi-cultural.
There is also a misconception with these bi-cultural households that they will engage and resonate better to advertisements in English because they are Americanized. This is also not true. They will most likely not feel connected to the brand or product advertised because people tend to keep the values of their culture. In conclusion, a misconception could be preventing your company from reaching out to a booming market with paying customers. It’s time to translate and reach out to the Hispanic Market!