Why Should Business Market to Hispanic Audiences?
With businesses looking to expand and enter new markets to increase growth and revenue, it is not unlikely for them to consider capturing the largest ethnic minority in the US.
The diverse Hispanic market with its unique culture and values can be a promising avenue for businesses to launch their products and services.
Let’s look at some key Hispanic audience traits that could benefit potential businesses that wish to grow in size and revenue.
Purchasing Power of Hispanic Consumers
The Hispanic population makes 18% of the total US population and this number is expected to increase to 143.5 million by the year 2050.
The purchasing power of Hispanic consumers is unrivaled in brand loyalty. They give great importance to family, friends, and community. An inclusive brand that recognizes their value will have a greater chance at being well received with the Latino audience.
Stats show that the purchasing power of Hispanics in 2015 was at a great high with 1.5 trillion dollars spent on the retail market in the US. The buying power is expected to increase by 2060 as the population is predicted to rise from 18% to 28.6%.
It is a great opportunity for companies to integrate into the Hispanic market and earn millions of dollars in profits.
Internet Usage of Hispanic Consumers
Like any other person, the Latino community spends a noticeable share of its time on the internet. 2016 stats show that almost 76.5% of the US Hispanic population had access to the internet.
With more Latinos pursuing their education, almost 44% of internet users were found to be college degree holders. They have adapted well to advancements in electronic and cellular technologies and are open to accepting new brands from outside their culture.
The Hispanic population is also a regular social media user with Facebook and Instagram being the two most popular networking sites. In 2016, almost 34 million social network users were Hispanic.
This shows that brands can capture the interest of the Hispanic audience through social media advertising and internet campaigns that are culturally sensitive to the Latin population of US.
Shopping Habits of Hispanic Consumers
Media has the power to influence the perceptions and purchasing habits of people through strategic marketing.
The Hispanic consumers in the US contributed 1.3 billion dollars to the overall US revenue in 2018. They were more likely to be drawn towards a good bargain with Spanish speakers mostly shopping at the dollar store.
It is a great opportunity for small brands to diversify their sales and increase revenue by introducing their products and services to the ethnic audience.
However, they must be culturally sensitive and try to celebrate the Hispanic heritage rather than using it as an advertising gimmick to enter the market.
Are you looking for a sure fire way to capture the diverse multicultural market in the US?
Look no further, because our dynamic team at GoDiversity will help you target the ethnic market. We are the best Hispanic advertising agency in the US with over 14 years of experience in the ad industry. Our strategic marketing plans can help your business reach the Latino audience through TV ads, direct mail, radio, social media, and print advertising.
Contact us at (917)7976189 or email at [email protected] for further details.
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