6 Surprising Facts about the Hispanic Market
With a 1.7 trillion US dollars worth of purchasing power, the Hispanic population of the US is the largest minority group in the country.
Whether you wish to enter the Hispanic market or expand your reach with the locals, here are a few important facts about the Hispanic market.
Hispanics Account for Almost Half of U.S. Population Growth
According to the latest statistics released by Pew Research, Hispanics make more than 18% of the US population.
The growth rate of the ethnic population has been on the rise since the early 2000s and accounts for more than half of the national population growth.
Majority of the U.S. Hispanic Population Is Under the Age Of 29
With majority of the Hispanic population being young and under the age of 29, brands need to be conscious about the way they advertise their products and services.
They need to be vigilant in the way they advertise to the young population with reference to pop culture.
Brands that sell products and services targeting babies and kids will be at an advantage when expanding in the multicultural markets.
Research has found that more than 25% of the Hispanic population is under the age of 9. Kids make up of the majority of the audience with Procter & Gamble Co. being one of the top spenders.
TV Plays a Huge Part in Connecting With the Hispanic Audience
With Latin Telenovelas being a big part of the local Hispanic culture, 22% of the household TVs in the US are owned by Hispanic Generation Z population.
Even though most brands are shifting their focus to digital marketing, TV remains a vital source of advertising in the Hispanic market.
Bilingual Hispanics Consume Online Content in English
Being culturally sensitive is important when advertising to the ethnic population in the US. To ensure a wider reach, brands are enjoined to localize content.
Research has shown that even though most Spanish-speaking Hispanics are bilingual, they prefer to read and see content in English.
However, brands need to be smart about advertising in English as a consumer survey showed that 56% of the Hispanic population preferred companies that advertised in Spanish.
Hispanics Are Keen Users of Smartphone and Internet Technology
With more than 58 million Hispanics living in the US, 81% of the population uses internet and smartphone technology.
Research has found that Hispanics spend more than 10 hours on the internet per week which is more than the overall average 8 hours.
They’re avid smartphone users and spend hours listening to music, streaming videos, emailing and messaging.
With the amount of time they spend on the internet, brands need to think of creative ways to market their products and services to the digital Hispanic audience.
Hispanics Millennials Are Avid Social Media Users
With a marginal increase from 10% in 2005, research has found that more than 65% of the Hispanic population in 2015 used social media.
The Hispanic millennial population is an avid user of social media and uses online platforms to review and buy products.
Brands need to focus on social media marketing and cultivate brand loyalty amongst the millennial Hispanic population.
Are you looking to expand your business in the Hispanic market?
We can help you capture the multicultural market in the US through creative and innovative marketing strategies.
GoDiversity is one of the top Hispanic marketing agencies in New York that offers end-to-end marketing solutions to enter the diverse ethnic market.
We provide strategic advertising to the Hispanic market through a wide range of media like TV, radio, print, direct mail, PR, social media and mobile apps.
Contact our dynamic Hispanic marketing consultants at (917)7976189 or email at [email protected].
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