13 Oct $2.5 trillion in buying power
The U.S. Hispanic Consumer is no longer only “nice to have”
Did you know about the marketing impact on the Hispanic community in the United States? For this reason, the celebration of Hispanic Heritage Month is derived, which ends on October 15th.
We will briefly look at the figures that drive brands in the Hispanic market. For the Nielsen firm, the Hispanic community is currently made up of more than 62 million inhabitants of the U.S.–out of its 333 million– which represents 19% of the population, 23% more than in the last decade, surpassing the country’s general demographic growth of 7%, which means that Hispanic influence on society in the U.S. is constantly increasing. Let’s continue:
- More than half are 34 years-old or younger: an age range in which many are still developing their affinities with brands and content.
- In the entertainment category, total television consumption reached 43.6% of the Hispanic public between 19 and 61 years of age, a phenomenon attributed to streaming, since July 2022. This trend is due to the Hispanic history and talents that occupy a determinative place in the U.S.
- They possess a purchasing power of 2.7 billion dollars, and, if Latinos in the U.S. were an independent economy, it would rank as the seventh country with the highest PIB globally– ahead of Italy, Brazil, and Canada.
Given this latest economic insight, let’s learn about the purchasing behavior of a Hispanic group surveyed by Acosta Group in association with Televisa Univision:
- 67% enjoy the experience of shopping.
- 40% say that they try new products referenced by friends or family members.
- 29% buy food online regularly.
- 87% of Hispanic and non-Hispanic shoppers plan to spend the same or more online.
- 34% of Hispanics have the intention to spend more.
- Hispanics are a digitally savvy audience.
- 4 in 5 Hispanic shoppers (80%) use digital applications. And these shoppers are also more likely to use a variety of digital tools to look for recipes, create lists, or search for events in their local communities.
- 79% have at least one loyalty card.
And finally, three significant findings from the Hispanic market from research done by ThinkNow reveal that minority business owners in the United States have experienced unprecedented growth in the last two decades where over 200K Hispanics own their businesses, representing 9%, and 13% belong to Hispanic women.
Reasons to learn more about the potential of the Hispanic market will be shown by multiple case studies for marketers, and, for DMH Americas, it is a challenge to inspire and assign value to brands and offer corporate reputation to its clients.
And so, we continue celebrating Hispanic heritage!