The multicultural consumer

Of the general population, 17 percent are Hispanic, while 6 percent of respondents identified themselves as such. Hispanic consumers do not make up a huge portion of the respondents’ practice with 7 percent of the agents saying that 26 percent or more of their clients come from the Hispanic community. When asked which concerns/goals are most important to their Hispanic clients, 57 percent said “health care costs.” (Figure 5) Another major concern, according to respondents, was with security in the case the primary income earner was to die (55 percent).

The potential is there for growth. According to respondents, Hispanics showed great interest in insurance products. A full 75 percent of respondents reported life insurance was the most asked about product by their Hispanic clients. (Figure 6) Also, as seen in Figure 7, respondents listed their primary challenges when marketing to Hispanic consumers. They noted product affordability (47 percent) and language barriers (36 percent) as significant concerns. A lack of familiarity with the culture (9 percent), which might have been considered a hindrance to connecting with the market, was not a big worry for respondents.

See also:

• How to reach multicultural markets
• Why multicultural markets won’t be underserved for long