Marketing financial services to Hispanic American consumers: a portfolio‐centric analysis

Marketing financial services to Hispanic American consumers: a portfolio‐centric analysis Purpose – To provide financial service marketers with information useful in targeting and marketing financial services to Hispanic American consumers. Design/methodology/approach – It profiles the changing demographics of the Hispanic American financial services market and, utilizing data from the Survey of Consumer Finances, tests three hypotheses to compare financial service consumption patterns of Hispanics with those of non‐Hispanic whites. Findings – The paper shows that the Hispanic American segment has grown in size and importance over the last decade, but that Hispanics differ markedly from their non‐Hispanic White counterparts in terms of financial product preferences and investment asset portfolio composition. Further, Hispanic Americans trail their non‐Hispanic White counterparts in terms of breadth and depth of financial holdings, particularly in the area of more risky but historically higher return asset categories. Research limitations/implications – This study examines the results of financial decisions at one point in time. Future research could involve primary studies to determine whether, financial consumption behavior changes in Hispanics over time, as they become more acculturated, and why Hispanics favor liquid short‐term assets to more risky, but potentially higher returning, longer‐term instruments. Originality/value – The article provides value to financial service providers by highlighting opportunities in the Hispanic American market and offering suggestions for more effectively marketing to the Hispanic community. Among the suggestions are recognizing and reflecting the importance of emotional positioning in financial services promotion, employing both Spanish and English language communications, and sponsoring Hispanic community‐based programs to build brand awareness and loyalty. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Services Marketing Emerald Publishing

Marketing financial services to Hispanic American consumers: a portfolio‐centric analysis

Loading next page...
 
/lp/emerald-publishing/marketing-financial-services-to-hispanic-american-consumers-a-urj7S46ucE
Publisher
Emerald Publishing
Copyright
Copyright © 2006 Emerald Group Publishing Limited. All rights reserved.
ISSN
0887-6045
DOI
10.1108/08876040610646563
Publisher site
See Article on Publisher Site

Abstract

Purpose – To provide financial service marketers with information useful in targeting and marketing financial services to Hispanic American consumers. Design/methodology/approach – It profiles the changing demographics of the Hispanic American financial services market and, utilizing data from the Survey of Consumer Finances, tests three hypotheses to compare financial service consumption patterns of Hispanics with those of non‐Hispanic whites. Findings – The paper shows that the Hispanic American segment has grown in size and importance over the last decade, but that Hispanics differ markedly from their non‐Hispanic White counterparts in terms of financial product preferences and investment asset portfolio composition. Further, Hispanic Americans trail their non‐Hispanic White counterparts in terms of breadth and depth of financial holdings, particularly in the area of more risky but historically higher return asset categories. Research limitations/implications – This study examines the results of financial decisions at one point in time. Future research could involve primary studies to determine whether, financial consumption behavior changes in Hispanics over time, as they become more acculturated, and why Hispanics favor liquid short‐term assets to more risky, but potentially higher returning, longer‐term instruments. Originality/value – The article provides value to financial service providers by highlighting opportunities in the Hispanic American market and offering suggestions for more effectively marketing to the Hispanic community. Among the suggestions are recognizing and reflecting the importance of emotional positioning in financial services promotion, employing both Spanish and English language communications, and sponsoring Hispanic community‐based programs to build brand awareness and loyalty.

Journal

Journal of Services MarketingEmerald Publishing

Published: Jan 1, 2006

Keywords: Financial services; Hispanics; United States of America; Market segmentation; Ethnic minorities

References

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Search

Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly

Organize

Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.

Access

Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

DeepDyve

Freelancer

DeepDyve

Pro

Price

FREE

$49/month
$360/year

Save searches from
Google Scholar,
PubMed

Create folders to
organize your research

Export folders, citations

Read DeepDyve articles

Abstract access only

Unlimited access to over
18 million full-text articles

Print

20 pages / month

PDF Discount

20% off