July 06, 2005
By Mariana Lemann
A new study unveiled today by marketing consultantcy Yankelovich Inc. reveals key findings among Hispanic consumers such as frustrations with marketing and advertising practices, language preferences and a decline in brand loyalty.
According to the MONITOR Multicultural Marketing Study, which tracks shifting patterns among Latino and African-American consumers, 53 percent of Hispanics say that they are "extremely concerned about the practices and motives of marketers and advertisers." In addition, 50 percent of Latinos say that very little, if any, of the marketing and advertising that they see has any relevance to them.
However, that doesn’t signal a lack of importance paid to advertising. In another finding in the study, 72 percent of Latinos say they would like to see more television programming or other commercials aimed specifically for them. The study also reveals that 88 percent of Hispanics wish more financial institutions would offer products tailored to their needs.
While Hispanics are still considered a brand-loyal group, they have been adopting a more flexible approach to new offerings. According to the study, 73 percent of Hispanics say they "like to try different brands once in a while," but 58 percent agree that it is “risky to buy a brand you are not familiar with.”
When it comes to language, marketers and ad executives will have to manage to communicate with the consumer in both English and Spanish. According to the study, nearly 40 percent of Latinos prefer Spanish, 41 percent prefer English, and 20 percent like both. Whatever the preference, the study found that 65 percent of Hispanics feel that their native language is an important aspect of their culture and tradition that is important to preserve.
Source: Marketing & Medios
