In business, assumptions and dated thinking come at a significant COST. Reflecting on these three key Hispanic consumer trends will provide insights you need in order to engage more meaningfully with the changing Hispanic American consumer market.
It’s clear that, when it comes to engaging Latino consumers, one size does not fit all. That’s why so many messages targeting Hispanics fail. In many cases, a shift in perception is necessary if brands genuinely want to connect.
THESE 3 HISPANIC CONSUMER TRENDS OFFER NOTEWORTHY INSIGHTS INTO THE CHANGING LATINO CONSUMER MARKET:
1. Latina education levels are on the rise
According to the National Center for Education Statistics, “Hispanic enrollment [in degree-granting postsecondary institutions] more than doubled (a 119 percent increase from 1.4 million to 3.0 million students)” over 4 years.
Of particular interest are Latinas. Nielsen reports, “Seventy-four percent of Latinas who graduated high school in 2012-2014 are now enrolled in college, higher than non-Hispanic whites (73%) and African-Americans (65%).”
2. Latino household spending is on the rise
Correlated with the Hispanic trend of higher education, increased household income is influencing spending. US Census Bureau statistics indicate that median income for Hispanic households increased 6.1% between 2014 and 2015 (up to $45,150).
In fact, luxury items are increasingly on the radar for Latino consumers. A recent study by Viant showed a 16% increase in luxury segment vehicle purchasing by Hispanic Americans between 2014 and 2015 alone.
Furthermore, Business Wire suggests that, “Latino consumers have become the most important driver of growth in a wide variety of consumer expenditure categories”; new vehicles, computers, phones, furniture, major and small appliances, AV equipment, and financial services.
3. Hispanics increasingly choose Mobile
To reach Hispanic consumers, you MUST be mobile friendly. According to Pew Research Center, Hispanics “have been among the most likely to own a smartphone, to live in a household without a landline phone where only a cellphone is available and to access the internet from a mobile device.”
This Hispanic trend isn’t limited to consumers under 50. Pew reports that, “58% of Latinos ages 50 to 64 and less than half of those ages 65 and older (35%)” use a mobile device to access the internet.
This growing group of 50+ not only contributes to household median income over $50K, they increasingly see their phones as a key source of entertainment.
Emphasizing the significance of mobile friendly marketing, a joint Google and Ipsos Media study found that, “66% of U.S. Hispanics say they pay attention to online ads—almost 20 percentage points more than the general online population.”
AS A MARKETER, YOU SHOULD BE CONSIDERING THE RELEVANCE OF THESE KEY HISPANIC TRENDS
What do they mean for your business? What opportunities could they create? How can you use this data to better connect with your target segment of the Latino consumer market? What shifts in your thinking and practice will that require?
Don’t pay the price of making assumptions based on dated thinking. Stay on top of emerging Hispanic trends and tap into our specialized marketing insights, expertise and creativity by following Posada Media Inc. on Twitter today!