Article originally published on Orlando Business Journal
The Hispanic community is growing at a fast pace. They are getting embedded into mainstream culture and emerging as a powerhouse of economic influence.
Hispanics are playing an important role in U.S. business success. As of today, they are the second-largest consumer market, and it is estimated that their purchasing power will increase 50 percent by 2015 to $1.5 trillion.
Despite the misconception about this powerful group, Hispanics are the largest immigrant group that exhibits culture sustainability. They even have different product consumption patterns compared to mainstream culture. They are not buying in the same ways as the total market. As a matter of fact, their technology and media use do not mirror the general market due to culture, language, perceptions and ownership dynamics.
Understanding their culture is the key to engaging with Hispanics. This is the main reason why doing a straight translation of your advertising will routinely fall short. It neglects Hispanic cultural nuances — and that can be an offensive oversight to the target audience.
If your firm is looking for an approach that will translate into real profits, here are some important things you need to know about this community:
- Family unifies the Latino community: Kids are their No. 1 priority. The family’s needs usually override the individual’s needs. Everybody helps or chips in to overcome an issue the household or a particular member of the family is going through.
- Language is honored: Spanish is their main language. Even though Hispanics learn English with each successive generation in the U.S., children are bilingual and bicultural. They are considered the translators of the family. Being bilingual reflects positive attitudes Hispanics have toward their language and the desire to preserve it as part of their culture.
- Cultural differences are distinct: There are so many misconceptions about Hispanics that it would be impossible to list them all. Let’s say, what most people think about them is probably wrong. Here are just a few important differences you need to keep in mind: Physical contact is very important. Personal space tends to be closer. Appearance is extremely important to all Latinos. Hispanics are more spiritual in nature. Hispanic homes are more decorative. And the list continues and diversifies through each segment of the Hispanic market.
- Hispanics lead a conservative, traditional lifestyle: “Machismo” clearly separates the Latino male from his Anglo counterparts. Fathers are seen as a figure of authority, respect and supporter in a household even though most of the time it is the mother who has the final word. Hispanic moms are expected to sacrifice for their children and take care of elderly relatives. Acculturation and the need for women to be employed have affected these gender roles even though they still persist in most households.
- Most Hispanics feel nostalgia for their country of origin: There are some Hispanics who adapt faster to the American culture and some who don’t. Hispanics see themselves as part of a clan or group. There are distinct differences within the foreign born and U.S. born Hispanics when it comes to aspirations, behaviors and consumption habits.
As the second-largest consumer market in the U.S., Hispanics will have a significant impact on your business in the future. Which direction that goes depends solely on whether or not you are willing to embrace, adapt and tailor to this audience.
Understand the Hispanic culture and you can translate that into real profits.