More than 52 million strong and representing the majority of population growth over the next five years, Latinos have become a prominent actor in all aspects of American life, according to The State of the Hispanic Consumer: The Hispanic Market Imperative, released by Nielsen, a leading global provider of information and insights into what consumers watch and buy. Latinos are a fundamental component to future business success, with a projected buying power of $1 trillion in 2010 expected to grow 50 percent to $1.5 trillion in 2015.
â€œThe Hispanic community in the United States is large and growing, and businesses must make strides to understand and engage these consumers,â€ said Susan Whiting, vice chair, Nielsen. â€œDue to the general youth of this segment, family focus, strong culture and prevalent Spanish-language use, Hispanic consumers are impacting all areas of work and play and helping to redefine American culture in the 21st century.â€
Looking closely at Hispanicsâ€™ media habits and purchasing behaviors, The Hispanic Market Imperative reveals that:
– Rapid Latino population growth will persist; the median age of this segment is 28 years old, nearly ten years younger than the total market median age of 37.
– Hispanics are the largest immigrant group to exhibit significant culture sustainability, with nine out of ten Hispanic parents and parents-to-be wanting their children to speak Spanish, but also be fluent in English.
– Technology and media use do not mirror the general market, but have distinct patterns due to language, culture, and ownership dynamics. For example, Hispanics spend 68 percent more time watching video on the Internet and 20 percent more time watching video on their mobile phones than non-Hispanic Whites.
– Latinos exhibit product consumption patterns distinct from the broader market. Hispanics make fewer shopping trips per household than non-Hispanics, for instance, and spend more per trip.
The information in this report confirms what many marketers have known for some time, and yet, for some this is a new opportunity to engage with a demographic change and a consumer that is here to stay.
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