It’s 2020, and if your brand is not tapping into Hispanic Markets, you are missing a huge opportunity. Hispanic consumers are young, digitally connected, and highly engaged on social media. Plus, the Hispanic community is expected to continue growing over the next decade.
According to 2017 estimates from the Census Bureau, there are over 58.9 million Hispanics living in the United States, and by 2030, U.S. Hispanics are expected to reach more than 72 million.
Hispanic consumers are now the youngest ethnic group in America with the median age being 28.
Combined with their youth, investing in the Hispanic market today means building a lasting relationship with involved consumers who are brand loyal and have more buying years than non-Hispanics. Hispanics of all ages remain digital-first consumers, and lead very engaged online lives and consume content mostly on their mobile devices. They don’t just use the internet to consume content but to create a digital community of friends and family.
The statistics below are the biggest reasons why the hispanic market should not be overlooked, so take note:
- According to a PwC report, "The vast majority of Hispanic consumers — 90% — stream video on either a smartphone or tablet, 10% more than non-Hispanic consumers."
- The same report shows that about half of Hispanic millennial consumers said they use Snapchat as a way to keep connected to friends and family, 20% more than non-Hispanic millennials.
- U.S. Hispanics are nearly twice as likely to spread information and review products and services online than their non-Hispanic counterparts.
- Hispanics today are making strides in education with high school graduation and college enrollment increasing, but are also significantly less likely than other groups to have student debt.
- We're also seeing growth in regards to household income, with the median Hispanic income growing by 20.7% in the last five years and outpacing non-Hispanic households.
Tips for Tapping into Hispanic Markets
Hispanics like to see themselves reflected in the things they care about or the products they purchase. They respond to messaging that speaks to Hispanic customs, values and culture.
Advertisers can engage with Hispanics in various ways:
- Through language, like with Spanish/bilingual creative
- Through word-of-mouth and trusted Hispanic social influencers
- On digital platforms, especially those using music and video content, which we've seen becoming increasingly popular among this audience
Consider “traditionalist” and “millennial” generational and cultural gaps while tailoring marketing tactics and content.
Not all campaigns are created equal, in large part due to the diversity that exists within the U.S. Hispanic population depending on age, language, nationality and other factors.
For example, Spanish content broadcasted through traditional television networks will reach older Hispanics who are more likely to be foreign-born or first-generation as well as Spanish-dominant. And Spanish or English content amplified on digital platforms is more likely to reach younger, U.S.-born Hispanics who are acculturated and/or bilingual.
In order to ensure campaign effectiveness, brands must gain insight into the Hispanic segment they are trying to reach and tailor their campaigns to ensure that it remains authentic and resonates with their intended U.S. Hispanic consumers.