Foreign-born Hispanics are not as affected by the economic downturn as other people.  In fact, the Selig Center for Economic Growth is forecasting a growth in Hispanic buying power this year.

How can this group of consumers actually have more money - rather than less - to spend this year?   The reasons are simple:

• Lower use of credit cards than the general market means they are not affected by rising interest rates.  They don't have large balances to pay off so they have money to buy your product now.
• Their net worth hasn't been affected by slumping stock prices because they didn't invest in the market.
• Foreign-born Hispanics are more likely to rent than own a home so they haven't felt the impact of the mortgage crisis.

Translations can help your business grow and be an important point of differentiation between your product and your competitors'.  Make sure you target this economically vibrant market first.

Image courtesy of travelinknu  from Creative Commons.

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