Considering that 29.6 million Hispanics live in the U.S and that there are 450 million Spanish speakers in Latin America, where marketers are young and consumers are eager for more developed countries' products and services. The demand for the acquisition of the Spanish language with competence and fluency among business executives and individuals with multiple interests has never been greater as domestic and international trade and investment increase. According to U.S. Census Bureau, Hispanic Consumer Market Report, and Standard & Poor’s DRI 1997, researches on the U. S. Hispanic market indicate that a dramatic shift of the Hispanic population within the ten biggest U.S. cities is creating an enormous opportunity for marketers to target Spanish speakers. Thus, Spanish is becoming the primary language in 11 percent of the U.S population; and in NYC and New Jersey the figures are 30 and 15.7 percent respectively and growing. Moreover, the Spanish language is present in many professional fields, which becomes an important asset to every individual’s profile.
Hispanics have a great preference for their Spanish language in many situations. In fact,
Hispanics pride themselves on their language, since this has been the main mean for the
old and young generations to preserve the richness of their culture. Additionally,
Hispanics have used their language to express their contribution to the development of
the U.S. society through art, music, businesses, and especially through their strong
buying power. For instance, in 1998, Latino buying power was estimated at $370
billion, greater than that of many emerging nations in the Pacific Rim and Latin
America. By 2010, that figure is expected to grow to $940 billion, year in which the
Hispanic population in the U.S. is estimated to grow to 42.4 million. Furthermore, by the
year 2015, Hispanics will increase by 30 percent, constituting the largest minority group
in the United States.
“Advertising to Hispanics in Spanish is Far More Effective than Advertising in
English” (Roslow study, 1990). As a result, top consumer products now view Hispanic
purchasing power as an integral component to their business strategies. Likewise,
business executives are acknowledging that part of their professional responsibilities is to
become multi-culturally competent by understanding the language and customs of
their target customers”.