The Hispanic population in the United States currently stands at 57 million – a figure that represents over 18 percent of the total population in the country. Given their sheer number and the considerable period the Latino community has lived in the United States; it is not surprising that their presence has had a considerable influence on mainstream preferences as well as how companies approach their marketing campaigns. This influence has had both a direct and indirect effect on the consumer preferences and spending habits in the country.
One of the reasons why Latino culture in the United States has attracted the attention of the business community is due to high population growth. According to Nielsen, the Hispanic population is expected to grow to represent 24 percent of the US population by 2040 and 29 percent by 2060. Moreover, the Latino population is also expected to be a significant driver of growth in the future. The US Census estimates that the Latino community will be responsible for up to 65 percent of the country’s population growth over the course of the next 45 years. This is a very attractive market with lucrative prospects.
The Bilingual nature of Latino communities
A unique aspect of Latino culture in the United States is its bilingual nature. 55% of all Hispanics are bilingual while a staggering 96 percent of Hispanics under the age of 18 are bilingual as well. The Latino community in the United States has all the markers of a population that is embracing a bilingual society over time. This phenomenon has been instrumental in pushing marketers to use a blend of languages to have a wider reach, e.g., English and Spanish.
Food and Music
Latino culture in the United States has had some influences. Studies examining these influences have found the most significant to be Food and Music. Latino culture has been a profound taste maker over the years both regarding cuisine as well as in influencing mainstream music. Companies that wish to maintain their brand loyalty will do well to keep track of these influences as they help them to keep abreast with consumer needs to fulfill them adequately.
While often understated, Latino culture in the United States has never been more potent. In addition to being an attractive market for prospective investors, the Latino community has become an important trendsetter and influence for other cultures to emulate.