US Businesses Reach Out To Hispanic Market

 WASHINGTON - – Hispanic Marketing Resources has reported a fifty percent increase in clients seeking to tap into the U.S Hispanic market since the economic downturn. Blaire Borthayre CEO, attributes to the fact that the Hispanic market is the only one still flourishing in the face of a recession.  The Selig Center for Economic Growth says Hispanic buying power is growing at a  50 percent faster rate than non-Hispanic and expected to hit 1 trillion this year. 

According to Borthayre, this anomaly can be explained by the attitudes and experiences of  Hispanic immigrants attitudes involving money. "Foreign-born Hispanics in the U.S have been historically unaffected by economic downturns due to their lack of dependence on credit." says Borthayre. Experian Consumer Research reports that 58% of Hispanics did not use a credit card in the last month and that approximately one-third opt for cash transactions, making them less likely to be affected by the credit crunch.  Borthayre explains that another factor is  Hispanic households often have multiple sources of income from family members, allowing them greater percentages of expendable income. 

"Hispanic immigrants are accustomed to weathering tough financial times and don't connect with the sense of panic that other Americans are experiencing.” Studies show that Immigrants with less than five years in the U.S don’t rely on English language media sources so are likely not influenced by reports of doom and gloom. by the reports of financial doom and gloom.  “Most Hispanic immigrants come from countries where poverty is a very real part of daily existence.  Even in a recession, the economic opportunities in the U.S are far better than those back home.”  Thus Hispanic immigrants seem better prepared to handle hardship and 

Subsequently Hispanic Marketing Resources has Borthayre says the increase can also be attributed to the new low cost options of online learning. "Travel and training budgets are usually the first on the chopping block when times are tough" says Borthayre "so companies are taking advantage of industry specific webinars to learn how to reach and serve Hispanics." 

Experts agree that the U.S Hispanic market is large, lucrative and loyal. It is also mostly untapped. These factors combined with the economic make this segment ripe for companies in need of acquiring new customers. 

Borthayre cautions however that companies who think they can simply put their marketing materials into Spanish to win their share of the Hispanic wallet will be disappointed. She explains "It requires a shift in thinking to understand the buying motivators and retention buttons for customers not raised in the U.S mainstream culture. This is why the market is still untapped, companies often jump in feet first without the proper training."