Hispanic Market The Selig Center at the University of Georgia projects the nation’s Hispanic buying power will rise from $222 billion in 1990 to $992 billion in 2009, by which time Hispanics will account for 9% of all buying power in the United States.
When marketing to Hispanics, it helps to take into account a few general cultural differences. In general, Hispanics are family oriented and make decisions as a group. Kim T. Gordon says Hispanic first-time homeowners tend to have larger families with younger children, so they respond to family oriented products and marketing. Mortgage brokers and lenders who work with Hispanic clients taught Roy Larson of Larson Hispanic Research and Consulting that often the extended family will pool its resources to purchase a home. According to consultant Paul Montelongo, all vested parties give feedback on design and specifications. “If you include that in your process, you have a much better change of landing a deal — you have to act as a facilitator,” he says.
Larson says addressing the man of the house is generally part of the machismo culture of Mexico, but often it is the woman behind the scenes who has the final say.
Spanish-language media is the best way to reach Hispanics. Even second- and third-generation Hispanics use Spanish media for a cultural connection. “Miami is an extremely English-proficient target audience, yet they want to see you support their media and reach out to them in their own language,” Gordon says.
Larson suggests contacting Hispanic-owned businesses or attending a meeting of a local Hispanic chamber of commerce. “That is where you will find people interested in remodeling,” he says.
Hispanics Leading the Surge in Home Improvement Spending
Along with the rise in minority homeownership rates has come a surge in minority spending on home repairs and improvement. Home improvement spending among Hispanics was up nearly 80% in inflation-adjusted terms from 1995 to 2001 — more than three times the spending growth among white households.
| Percent Change of Total Expenditures, 1995 to 2001 | |
| Hispanic | 77.8% |
| Black | 30.6% |
| Asian | 44.0% |
| White | 24.1% |
| Source: Joint Center for Housing Studies of Harvard University | |