US Hispanic Consumers - Young, Mobile & Growing
Global market research company Nielsen’s report State of the Hispanic Consumer: The Hispanic Market Imperative reveals that appealing to the Latino market is fundamental to future business success in the US.
With a buying power of $1 trillion in 2010, projected to increase 50% by 2015, the report states there are now more than 52 million Latinos in the US, and they will represent the majority of population growth in the next five years.
Although Hispanic culture continues to evolve, its traditional heritage remains a key part of what makes this consumer tick. As a result, Latinos’ consumer behaviour differs to other segments of US society. Most interestingly, according to the report, they spend 68% more time watching video on the internet, and 20% more time watching video on their mobile phones than non-Hispanic whites.
It is imperative that brands in all sectors recognise these important differences and distinct behavioural patterns as this sector increases in size and purchasing power.