The Hispanic TV networks have in many ways held up better against the encroachment of new media than their English-language counterparts. Spanish-language viewers are much more likely to watch TV programs live than English-language viewers, endearing them to advertisers. And ratings for a number of networks, including Telemundo and Univision Deportes, have risen, a rarity for any channel these days.
The Hispanic market, namely the young Hispanic market, has recently taken the cord-cutting theory by storm. Spanish is the second most popular language spoken in the United States and this fact is becoming widely evident in the types of shows that the Hispanic market wants to see.
The United States population of Hispanic consumers wields a formidable combination of fiscal optimism and buying power in excess of $1 trillion, making progressively more acculturated Latinos a demographic capable of shaping the nation’s future economic and marketing trajectory, according to a new report, “Latino Shoppers: Demographic Patterns and Spending Trends Among Hispanic Americans, 8th Edition,” by Packaged Facts. Hispanic buying power is projected to reach $1.3 trillion in 2014, a cumulative increase of around 25%.
The Latino market is poised to spend $1.3 trillion this year and Hispanics will make up 30 percent of the U.S. population by the year 2060, but this is just the tip of the iceberg when it comes to the reasons why no business can afford to ignore this growing segment of the marketplace. Here’s what you need to know.
From 2000-2006 we saw a dynamic population increase for Hispanics in virtually every state. Only New York had less than a 20% increase in its Hispanic population. 15 states had increases of more than 40% in those 6 years. The Hispanic community has begun to seek out new locations to live and work in recent years. This suggests that the Hispanic community is now found or soon will be found almost everywhere in significant numbers;
U.S. Hispanics are ahead of the curve when it comes to digital. They lead in adoption of new devices. They are power users of mobile and over-index in video consumption. But despite the facts, these consumers are vastly underserved, and the opportunities to reach them through digital remain largely untapped. But what, exactly, should marketers be doing? To see what’s working (and what’s not), our Vice President of Americas Marketing, Lisa Gevelber, looked at the strategies of leading brands and forward-thinking marketers. Here are the top lessons she learned.
By Nicole Akoukou Thompson Shifts have transpired, and the previously underserved Hispanic market has proven to be a mighty force... View Article
When Fred Diaz joined Nissan in April 2013 to lead the company’s day-to-day operations in the U.S., he was pleased by the robust figures that spelled out how much the automaker was slated to spend on ads aimed at Hispanics. “There was no need for me to do any arm-twisting or insisting that we needed to do more,” says Diaz, who had previously served as CEO of Chrysler’s Ram Truck division, and is credited with helping build the truck into a popular brand with Hispanic consumers.
There is a growing necessity for brand marketers to provide culturally relevant content and messaging that specifically targets US Hispanics. In fact, Nielsen’s recent study, The The Hispanic Market Imperative – clearly states that Hispanics are the largest immigrant group to exhibit significant sustainability of their culture and are not disappearing into the American melting pot. Now that we have confirmed that cultural sustainability matters to US Hispanics, companies must become more educated about the Latino community not just as consumers – but more importantly, as people and the identity we represent as a diverse community. They must recognize that Hispanics buy brands that empower their cultural relevancy.
The chart below shows how prolific both demographically and economically the Latino/Hispanic market is in the U.S.