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How Marketers Are Using Language to Attract Multicultural Consumers

Posted by The LanguageLine Solutions Team on October 19, 2017

Driven by population growth and expanding buying power, multicultural consumers are transforming the ways marketers and advertisers use culture to connect with increasingly diverse consumer markets.  For businesses, this is why investments made now in language will pay off for decades to come.

Between 1990 and 2014, according to Nielsen, multicultural buying power increased from $661 billion to $3.4 trillion, and it will only continue to grow. Because the median age of the multicultural population is lower and the life expectancy longer than those of non-Hispanic whites, these consumers have significantly more effective years of buying power ahead of them.

We’ve already talked about why language services are critical to the future of retail, as well as how language services in retail can create the sort of personalized, experiential shopping environment that multicultural consumers are seeking these days.

 But no matter how wonderful your store’s shopping experience and customer service are, they’re only effective once someone is in the store. Let’s talk about how retailers are using language to market to multicultural consumers.

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Why Language Services Are Critical to the Future of Retail

Posted by The LanguageLine Solutions Team on September 28, 2017

The news this year has been filled with headlines about the “retail apocalypse,” a wave of bankruptcies, store closures and layoffs sweeping the retail sector. But while the situation is critical, it’s possible that reports of brick-and-mortar retail’s death have been greatly exaggerated.

It’s true that online shopping presents a challenge to traditional stores, but only a few of the biggest names in retail are online-only, and even that is changing as giants like Amazon and smaller companies like Warby Parker make forays into the physical world. In addition, consumers continue to prefer shopping in-store, including 70 percent of millennials and 77 percent of Gen Z.

As retailers figure out strategies to survive and thrive, one factor that might not seem obvious to consider is adding language services. Why? 

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Latina Buying Power Is On The Rise

Posted by The LanguageLine Solutions Team on September 27, 2017

In 2016, U.S. Hispanic buying power was bigger than the gross domestic product of Mexico.

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By 2055, Asian-Americans Will Be The Nation's Largest Immigrant Group. Is Your Business Ready?

Posted by The LanguageLine Solutions Team on September 25, 2017

When we say "Asian-American," we are saying a lot. The U.S. Asian population is a diverse one. A record 20 million Asian-Americans trace their roots to more than 20 countries in East and Southeast Asia and the Indian subcontinent. Each has a unique history, culture, language, and other characteristics.

Understanding these subtleties is essential to any business that seeks to increase its audience within the U.S. Asian community, which projects to be the nation’s largest immigrant group, surpassing Hispanics by 2055.

Here are five of the most significant findings from a fascinating recent study performed by Pew Research:

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Five Retail Insights on Multicultural Buying Habits

Posted by The LanguageLine Solutions Team on September 21, 2017

“Minority” consumers won’t be in the minority for much longer in the United States. Asian-Americans, African Americans and Hispanics already make up a majority of the population in four states and the District of Columbia, and several other states are nearly there. By 2055, the U.S. will not have a single racial or ethnic majority, according to the Pew Research Center.

Given the current size and future growth of these consumer groups as a larger part of the market and growth opportunities, market research firms are making a careful study of the buying habits of multicultural consumers. Paying attention to multicultural buying habits, as well as the media and cultural preferences of these populations, will benefit retailers now and in the future, as these statistics show.

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#FinHealthMatters: The Role of Language In Financial Literacy

Posted by Greg Holt on June 27, 2017

For too many, the American Dream feels like a dream deferred.

The harsh reality is that more than half of all Americans (57 percent) struggle to manage their day-to-day financial lives, according to the Center for Financial Services Innovation. That’s 138 million people who aren’t thinking about saving, investing or retirement planning because they’re just trying to get by until their next paycheck.

Just as the medical community has called attention to the importance of physical fitness in combating health problems, the CFSI is sounding the alarm about the importance of being in good financial shape. Today is FinHealthMatters Day, a day dedicated to improving financial health for everyone. That includes not just customers of traditional financial services, but those still at margins or completely outside of the system. When consumers have good financial health, they make better decisions, are more economically stable and have a greater need for long-term services like retirement planning and wealth management.

Here’s a look at what financial health really means and what financial services firms and organizations advocating financial literacy can do to foster it among consumers.

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How U.S. Businesses Are Reaching 25 Million Customers They Used to Ignore

Posted by Bob Gallagher on March 1, 2017

Why would any business ignore a multi-trillion-dollar market that is exponentially growing? If you are not communicating effectively with limited English-speaking customers, that is exactly what you are doing.

There are more than 25 million limited English proficient (LEP) consumers living in the United States today, constituting more than 8 percent of the country’s total population. This group, which cannot communicate effectively in English, is only part of the nearly 65 million individuals in the U.S. who speak a language other than English at home.

That’s right: one in five individuals living in the U.S. primarily speaks a language other than English at home. This population has nearly tripled in size since 1980, when it stood at 23.1 million. Studies also show that 80 percent of these individuals prefer to do business in their native language.

Despite its multi-trillion dollar buying power, it is entirely possible that your business is not reaching this valuable group by failing to communicate in your customers' native tongues. By providing language access services, your company can quickly go from overlooking this audience to annexing its profound economic power.

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