Hispanic Market Trends to Look Out For
The spending power of the American Hispanic community has been consistently on the rise. According to Nielsen, their spending power currently stands at over $1.4 Trillion; an impressive figure that can be attributed to their high population growth and rigorous work ethic. The factors that influence their spending habits are varied, but the one that distinctly stands out is Hispanic culture and education. Companies that wish to establish a foothold in this market will have to examine how it influences buying decisions before formulating their strategies.
Marketers who are interested in penetrating the Latino market in the United States and expanding their market share need some important cultural insights that will help them to navigate this fast-growing community easily. According to Nielsen, Hispanics are responsible for 50 percent of US population growth observed from 2010 to 2015. This fact coupled with their high population growth makes them a very important market now and in the long term. Obtaining these cultural insights is very important as they play a big role in influencing consumer patterns which in turn influence marketing strategies. They include;
What is Latino Culture and Why Should it Matter to Companies?
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.
A common mistake made by many marketers is assuming that virtually all latino millennials are native-born; an assumption which couldn’t be further from the truth. The fact of the matter is, 37% of all Hispanic millennials are American born. A fact that has a significant influence on their preferences as consumers. While certain consumer trends cut across millennials across the board, companies that wish to increase their market share in this Latino consumer group are going to have to pay attention to trends that are more specific to Hispanic millennials and their multicultural leanings.
The Hispanic market is an attractive US market that any business would wish to try out. It is acclaimed to be a trendsetter in the US. It has incredible influence on how businesses do their selling. Here are some facts you didn’t know on Hispanics by State.
The US Hispanic population is rapidly becoming the target for many businesses. It’s been noted to be the fastest-growing ethnic group and going by the current growth rate of 167% compared to non-Hispanics, they will amount to 29% of the total U.S. population by 2050. Taking a closer look at the persona of these people obviously puts you in an edge to tap into the market potential effectively. The best way to achieve that is by understanding key characteristics of Hispanic Culture.
Hispanics consist of over 57 million people in the US today. This is expected to shoot up to 29% by 2060 to reach 119 million people. With such demographics, the influence Hispanics hold in the market today is apparent.
In the Hispanic community, culture is a thing to be embraced. Ever since Latino children are young, they are taught the virtue of respecto (respect) and dignidad (dignity) as far as their Hispanic heritage is concerned; this is one of the characteristics of Hispanic culture embraced by many. As the Latino people continue to influence the American culture, here are 3 key characteristics of Hispanic culture that you should know so as to relate to them better.