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How Banks Can Reach Hispanic Consumers

Posted by Kathy Peters on November 1, 2018

As retail banks and other financial institutions set their sights on the future, they see a landscape filled with growing disruption. In addition to the rapid adoption of new technologies, the industry also realizes that U.S. consumers of the future are likely to be more racially and ethnically diverse. Among multicultural consumers in the United States, Hispanics are the fastest-growing group, expected to account for over half of all population growth by 2020.

Presenting financial products in a way that appeals to Hispanic-American consumers is a growth goal for many in the industry. But survey data show that banks have a long way to go in this area.

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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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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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