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Seizing The Hispanic Market
The purchasing power of Hispanic consumers in the United States is set to grow rapidly over the next decade as their numbers and household incomes rise. Some corporations have done well marketing to Spanish-speaking customers in product categories, such as media and groceries, in which they spend more than average consumers. Financial institutions haven't paid as much attention, but they could miss out on a big opportunity if they don't learn how to market effectively to this aspiring group of consumers.
The take-away: Banks, insurance companies, and other financial institutions should borrow lessons from companies that have learned to sell to Hispanic consumers. Speaking Spanish is only the first step. Financial-services providers should also offer education about their products, develop products for a variety of income and assimilation levels, and modify their retail formats.
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© 1992-2003 McKinsey & Company, Inc
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