U.S Latino Market
Continues to make its presence known, businesses are trying to tap into the Hispanic spending power. Marketing to Hispanics is not as easy as it used to be – generations respond to different tactics. Spanish TV ads won’t reach the entire Latin market.
They may get to the older Hispanics who watch mostly television, but if you want to target the younger generations, digital content in English and/or Spanish is the way to go.
Targeting young Hispanics is a good idea. The average age of Latinos in the U.S is 28 compared to non-Hispanic whites at 42
2020 Latino market statistics
Businesses need to develop messaging with their audience in mind. In the age of hyper-competition, being able to connect strongly with an underserved group can be a competitive advantage for brand sales and growth.
Shaping your campaign to be culturally relevant to the Hispanic audience can play a prominent role in customer acquisition and, in turn, foster invaluable brand loyalty.
Segmenting by age reveals that multicultural millennials (aged 18 to 34) consume media at a very high pace (93% smartphones, 89% Smart TV, 78% radio, 62% blogs). They make up the largest population cluster in the US, representing over 75 million people. At the same time, 84% of millennials don’t trust traditional ads and discover 50% of the new products outside of physical stores.
“Multicultural is not a Segment. In many cases, multicultural market segments can make up 40% of a brand’s total consumer base. Based on this and a myriad of other facts, the marketing industry is waking up to the fact that in order to grow, brands must not pigeonhole multicultural into segments, placing them in silos and swim lanes, rather view multicultural as an imperative to integrate into a Total U.S. Growth Strategy.
We should be well past the point where we need to build a case for investing in a market that a) is approaching half of the total today at a national level; b) already comprises the “minority-majority in many DMA’s, and c) will make up much more into the future.”