As we mentioned on why evolution our founder Tatiana Orozco combined her passion.
The Hispanic population comprises currently 18% of the US population as a whole, and this figure is projected to rise to 29% by 2060. Hispanics spend annually more than US $1.5 trillion on the retail market in the US market annually, and this spend will naturally rise as the population grows.
Moreover, Hispanics set great store by brand loyalty, and attach great weight to family, friends, and the local community. At the same time, they are also dollar conscious, in that they will look for a good bargain in their local store where possible. Hispanics are both tech-savvy and active on social media; 77% of the Hispanic population have access to the Internet, and 34 million of them use social networks.
All these factors combined mean that there is a great opportunity for small local brands and businesses to expand their sales and increase their revenues by targeting this important market segment.
To do so, however, they need to be sensitive to their audience. They must embrace the Hispanic culture and values, and need to employ Spanish speakers to fully engage with their customers, and craft online and in-store marketing campaigns in such a way that it appeals directly to their market. Brands that are inclusive and incorporate their Latin values have a much higher chance of being received by Hispanics than those that just pay lip service to it.
Above all, Hispanics value sincerity, and will shy away from marketing gimmicks and campaigns which are ostensibly aimed at them, but are really just a way of retailers trying to enter this lucrative market.
In short, the Hispanic market is an important and potentially lucrative one for businesses to target, but only if they are culturally sensitive to Latino heritage, culture, values and language.