Hispanics, with a purchasing power of over $700 billion annually, are often referred to as the largest minority group and fastest-growing American market segment; but the "Hispanic market" is far more nuanced than many marketers might expect, according to a post in the Daily Fix blog, which cites a MarketingProfs and iHispanic.com study and article issued this week. Although Latinos for the most part share a common language, religious beliefs, cultural heritage and a strong sense of family, their differences are significant, resulting in a market segmented by country of origin, how long an individual has been in this country, as well as the size of the Hispanic population in their area, among other factors, according to that study.

Ten years ago, marketers believed that the Hispanic market went through a cycle of acculturation typical to most immigrant groups, and that by the third generation they were assimilated into American purchasing patterns. But with large numbers of Mexicans in Los Angeles and Cubans in Miami, for example, it is simple for those groups to maintain their own culture rather than assimilate, whereas immigrants from Costa Rica or Ecuador living in the same city may follow a more traditional acculturation model.

Moreover, though nearly all Latinos speak some Spanish at home - Spanish-language commercials or advertising are generally more persuasive than the same ad in English - each of the some 22 countries of origin of American Latinos has its own dialect or language nuances.

According to the MarketingProfs survey of U.S. and Canadian marketers, 59 percent of respondents said they already design marketing efforts, or will do so, specifically for Hispanics; that number increases to 64 percent when considering respondents with headquarters in the United States. Only 36 percent of respondents said they are already marketing to Hispanics; in the U.S., that proportion reached 40 percent.