Hispanic Heritage Month celebrations are winding down, but there is no slowing the influence of a population that is reshaping today’s America. Is your brand resonating with Hispanic Market consumers?
Fifty-four million strong, Hispanics make up 17 percent of the U.S. population and represent $1.4 trillion in spending power. Fifty-thousand Hispanics turn 18 and become eligible to vote each month, and two Hispanic candidates are vying for the 2016 Republican presidential nomination. There is no denying the impact Hispanics have on the U.S. economy and society.
Hispanic Market is no longer a niche
A comparison was drawn during a recent interview* about the economic force of Hispanics in the U.S., relating the rise in Hispanic purchasing power to the fundamental demographic change that began in the late 1970s when marketers realized women were making 70 percent of all purchase decisions in homes. With the growth in Hispanic spending, marketing to this population is no longer a niche and marketers are once again redefining a new mainstream.
Companies that are successfully engaging with Hispanic consumers leverage evidence-based research to understand the market and cultural trends of this diverse population:
- Hispanics are the most tech savvy and socially connected group in America
- English-as-first-language Hispanic Millennials embody more of what marketers describe as “Millennial” behavior – digital, liberal, political, worldly and curious
- English and Spanish are spoken in 35 percent of Hispanic homes; 22 percent of Hispanics speak only one language
- By 2030, the Hispanic electorate will grow 40 percent
- Large populations of different nationalities reside in specific U.S. markets; e.g., 78 percent of Hispanics in Los Angeles are Mexican, more than half of Hispanics in Miami are Cuban
Understanding the Value of Marketing to Hispanics
To learn more about Hispanic market trends, culture and how best to engage with Hispanic consumers, contact Jorge Ortega, Burson Latino Leader.
* Sol Trujillo, WPP Board Member interview with Burson Latino on Oct. 6, 2015