The Hispanic market within the US is changing. Now over 50 Million people, wielding more than a trillion dollars in spending power, the Hispanic market is no longer avoidable for businesses that wish to have success going forward. Latinos will account for the majority of population growth in the US in the next 5 years. This growth is no longer driven by immigration but by US births, and a new generation of Hispanic Americans is changing the face of the US Hispanic market.
The ever-changing landscape of the US Hispanic market has advertisers scrambling to find relevant ways to connect with this market. As more and more research comes out and the complexity of this population segment begins to reveal itself, it becomes clear that old approaches will not work. Advertisers are becoming concerned that they will lose the ability to separate out Hispanics and they will eventually blend into the US ‘melting pot’.
I just read an article put out by Nielsen called The State of Hispanic Consumers which paints a different picture. As a Hispanic marketing professional, I read a lot of articles and most of them say the same thing. This one, on the other hand, brings some new interesting ideas to the table. The foundation of the article is that “Nielsen has identified several unique circumstances that combine to make Hispanics the largest population group to exhibit culture sustainability—ever”. It is well worth a read, but here are some of the main points:
- The overall U.S. population is graying, but the Latino population remains young
- Technology and media use do not mirror the general market
- Latinos exhibit distinct product consumption patterns
- Rapid Latino population growth will persist
- Hispanic culture is sustainable
This post is also available in: Spanish