Importance of Spanish translation for US companies - II
Continuing the discussion on the importance of Spanish translation for U.S. companies, here are some startling statistics on the growing domination of Hispanics, the Spanish speaking population in the U.S.:
- The no. of Hispanics in 2004 exceeded 43.5 millions accounting for nearly 15% of the total U.S. population. Their number is growing 5 times faster than the general population and has increased by over 70% in the last 10 years.
- By 2020, one in five Americans will be of Hispanic origin. Their natural growth in population is more than the new immigrants coming into the U.S.
- By 2050, the Hispanic population is expected to cross 100 million with an addition of about 1 million per year at present.
- Regarding the affluence of Hispanic households, 64% are classified as middle class with more than 50% of them buying their first home.
- Hispanics are entering the cyberspace at a fast pace with over 14 million of them online. The average Hispanic internet user has an annual income of $51600 and is 32 years old male. Nearly 50% of the Hispanic internet users use Spanish. About 74% connect to the internet daily and 78% have connection at home.
- The purchasing power of Hispanics is also growing fast, with a figure of US $630 billion in 2004. There are 500 newspapers, 150 magazines and 200 publishers in Spanish in the U.S. Advertising expenditure targeted at the Hispanics has also been growing at a fast pace with TV alone accounting for $1.41 billions in 2005. TV advertising in Spanish has grown by 74% in the last 5 years.