The US Hispanic Market is Changing. Here’s How
A Claritas report claims that currently there are around 131 million multicultural Americans in the United States. These people make around 37.5% of the U.S. population—Hispanics account for a significant 19.6% of these multicultural Americans
With the minority groups growing in population, America is certainly turning into a multicultural country with Hispanics being a large part of it. This means that if brands want to make a national impact, they must find ways to involve all the cultures.
The Changing Market
After blockbuster hits like Crazy Rich Asians and Black Panther, Hispanic celebrities such as Cardi B have become very popular. The United States continues to evolve with changes in the film industry along with political, cultural, and technological advancements. These changes contribute to the growth and development of American citizens and various brands across different industries.
According to the 2017 estimates from the Census Bureau, there were over 58.9 million Hispanics residing in America back then—a figure that’s expected to reach around 72 million by the year 2030. The population growth is indicative of something bigger; it points towards an eventual transformation of the market itself.
The Changing Consumer
The average Hispanic consumer today is very different from a few years ago. Today, they’re the youngest ethnic group in the U.S. with an average age of 28. It’s crucial for brands to realize the significant size of this segment because the ethnic background has a large influence on the consumer’s media usage, technology consumption, spending habits, etc. Data shows that approximately 50% of the millennial population in the U.S. will be multicultural by 2024.
What Brands Need to Do
Brands that aim to target the younger generation of the country need to reach out to this consumer population if they’re to make a notable difference. A great way to connect with young Hispanic consumers is through specifically tailored ad campaigns that reflect their cultural values—something they can emotionally connect with.
According to a PwC report, most of the first, second and third generation Hispanics respond best to content that reflects their culture. This includes messages, ad campaigns and marketing strategies that speak to the customers and values of the Hispanic population. Brands need to understand that Hispanics respond and consume content very differently and they need to understand their cultural values better if they really want to hit a chord.
Go Diversity is a reputable Hispanic marketing and advertising agency that can help your brand understand and reach out to the Spanish community like you’re one of them. Check out our portfolio to see some samples of our work and let us help your brand too! Contact us today!
Comments are closed