Hispanics Create More than Half of Food Growth

U.S. Hispanics accounted for 57.7% of sales growth in the food, beverage and restaurant sector between 2005-2008, according to an article in Target Latino.

The article states that the growth can be attributed to an increase in the number of U.S. Hispanic households, and to an increase in consumer spending among U.S. Hispanics (which should likely continue rising as more Hispanics obtain college degrees and increase their earning potential).

AP-Univision poll: Many US Latinos who speak English turn to Spanish TV, radio

Continuing its series of polls, Univision and the AP's latest is on Latinos and media consumption.

Among the findings, Latinos who mainly speak English turn to Spanish-language TV and radio especially for sports and entertainment. The reason is the cultural connection and a feeling among some Latinos that English-language media portray them negatively, according to an article in the LA Times.

The nationwide poll, also sponsored by The Nielsen Company and Stanford University, found U.S. Latinos spent at least some time each day — in many cases, several hours — consuming Spanish-language media.

- Ninety-percent of Spanish-dominant Hispanics watch some Spanish-language TV and 75 percent listen to Spanish-language radio each day.

- Among English-dominant Hispanics, nearly 4 in 10 said they consume either Spanish-language television or radio.

- On the interactive front, 57 percent of Spanish-dominant Hispanics have Internet access at home, of which 90 percent access Spanish-language sites.

“The Univision-AP Poll on Media Consumption confirms that Hispanics who speak English and Spanish continue to choose Spanish-language TV and radio for culturally relevant content they can’t get anywhere else,” said Ceril Shagrin, executive vice president, Audience Measurement Innovation and Analytics for Univision Communications Inc. “Today’s findings reaffirm that Spanish-language media reaches 80 percent of all Hispanics in the U.S.”

400,000 Chase customers respond "Si" to bank statements en Español

Responding to a new offering, nearly 400,000 customers have opted to receive their monthly checking and savings account statements in Spanish from Chase, according to their press release.

Rebeca Vargas, head of Multicultural Marketing, said in the release, "We listen to our Hispanic customers, and we understand how much they value receiving information, materials, assistance and offers that are relevant and respectful of their language and cultural needs."

In addition to the statement's in Spanish, Chase runs a very active campaign aimed at Spanish-speaking customers and potential customers.

While not every bank can provide all the services and outreach that Chase provides in Spanish, banks nationwide should at least start to follow their lead. Hispanics -- at 24% or about 12 million Hispanics-- continue to be among the most under-banked population, according to the FDIC. This, coupled with the fact Hispanics are the fastest growing population and have the most small businesses among any ethnic group, make them an ideal population for new customer acquisitions in both the retail and commercial/business areas.

The important suggestion is to at least take a first step. That first step may be a market analysis to truly understand who are the customers near your branches. If you haven't done this in a while, you may be surprised at how it's changed; so, don't assume it's the same customer base it's always been. Based on that analysis, allocate your budget appropriately. I know of banks who have several branches in areas that are more than 50% Hispanic and spend $0 on marketing to them.

The point is take the first step. Too many banks bury their heads in the sand when it comes to marketing to Hispanics. Those who take the first steps will have first-to-market advantages and have the trust and relationships built with Hispanic customers, which may prove too difficult for their late-showing competitors to change.

Univision-AP poll provide insights to Hispanic cultural differences

The Univision-AP poll series continues, this time with poll results regarding identity. The results show that 66% of Hispanics say that Latinos should maintain their distinct culture. 54% say that it's important they change to blend into society.

The article quotes Gary Segura, a political scientist from Stanford who helped conduct the study, saying that those two views are not necessarily at odds. "He said other, better established ethnic groups cling to their traditions, adding, 'Identity is multidimensional, and people can see themselves as Hispanic and as Americans.'"

This further demonstrates the need to speak to culture versus language when marketing to Latinos. Keep in mind too that even the 54% who say they should change to blend into society aren't actually assimilating but acculturating, thus they will likely still retain some aspects of the Hispanic culture. In addition, the report states that young Hispanics are less likely to say that it is important to change and blend in: 43 percent of 18-29 year olds say it is important to assimilate whereas 67 percent of those 65 and older find assimilation important.