Multicultural MarketingOnline Marketing

Why are Brands so Focused on the Hispanic Market?

By October 1, 2014 No Comments

During my recent visit to Guadalajara, Mexico I had the opportunity to connect and work from an organization called “Nevermind” founded by Luis Othón Villegas. Nevermind not only provides a co-working space for freelancers, architects, and designers, but also encourages the exchange of creative ideas as well as collaboration on different innovative projects.

In this type of environment you get to know many interesting people and learn about their different professions and projects. During one of my conversation with Luis, I got to share a little bit about my role as the New Media Manager for Nativa and the different projects in which we have participated to help bridge the gap between brands and the Hispanic market in the US as well as teach the importance of the Latino shopper and his/her increasingly growing buying power.

I imagine my conversation with him captured his interest in the matter and a few days later I received an invitation to speak on their monthly radio show Huevos Radio. Empollando Talent Creativo (English: Huevos Radio. Incubating Creative Talent) to share with the listeners more about the work we do as a multicultural marketing agency and how we help companies in the United States connect with the fast growing Hispanic market.

I invite you to click on the link below to listen to the full podcast in Spanish.  Here are some interesting highlights about the Hispanic market that complement the information shared.

PODCAST: http://mixlr.com/huevos-radio-nevermind/showreel/mercadotecnia-digital/

Why does the Hispanic Market matter to companies in the US?10626830_621402601313410_6576494986635487975_n (1)

  • Hispanic purchasing power in the United States will reach $1.5 trillion in 2015 and $2 trillion by 2020.
  • 1 of 10 dollars spent on consumer goods in the U.S. is spent by Hispanic shoppers.
  • 1 of 10 dollars in charitable contributions in the U.S. are made through their religious institutions.
  • Average Hispanic household income in the United States is expected to more than double from about $55,000 per year to $117,000 per year by 2032.
  • In all but 7 states in the U.S., Spanish is the second most commonly spoken language after English. It is expected that by 2050 Hispanics will make up 33% of the population which means that 1 in 3 people will have Hispanic heritage.
  • Hispanics tend to spend more on clothing and beauty care products than the general market.
  • Hispanics tend to be very loyal to brands and have a strong brand recall.
  • Hispanics are a complex segment with its members showing a wide range of different characteristics, values, interests and traits. Brands need to understand that one message no longer fits this diverse market.
  • 68% of Hispanics in the US are active on social channels with Pinterest, Facebook and Instagram being the most used.

 

Check us out on our different social channels to learn more about our different projects and contact us to learn more about how you and your company can learn more about the Hispanic market.

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