Hola! U.S. Hispanics are the fastest-growing ethnic group in the country, according to a recent Nielsen report. Latinos are young and powerful with huge numbers on the rise. Statistics show that among the more than 52 million Hispanics living here, more than 50% are under 35-years-old, with the average median age being 28.
“If it were a standalone country, the U.S. Hispanic market buying power would make it one of the top 20 economies in the world,” the Nielsen report states.
With numbers like these exploding across the nation, one can reach Latino consumers through these popular Hispanic market trends – housing, furniture and appliances, children’s toys, education, clothing, groceries and restaurants, electronics purchasing, cars and transportation, and entertainment.
Hispanic market research shows that Latinos are tuned into technology and social networking in a significant way. Google statistics reveal that 86% of U.S. Hispanics use broadband, and that smart phone ownership among U.S. Hispanics is at 45%, compared to a 34% of the general population. That’s not all. As of February 2012, visits to social networking sites by Hispanic internet users jumped 14 percent year-over-year. Latinos hold the distinction of fastest-growing U.S. ethnic group on both Facebook and WordPress.
Major companies around the globe are very aware of the power in number by Latino consumers. Bleach giant Clorox took a look at Hispanic market research and launched a line of home cleaning products last July called, Fraganzia. The line was marketed solely in Spanish.
Meantime, MundoFox launched last August for Latino audiences. The U.S. Spanish-language broadcast TV network has become the newest player in the Hispanic media marketplace. MundoFox aims to connect with a modern Latino audience- one that lives in both an English and Spanish-speaking culture. The program line-up is edgy and relevant. It also features Peabody Award-winning journalist Rolando Nichols, anchor of “Noticias MundoFox” at 6 p.m., weeknights. It’s the only newscast in Spanish to be broadcast live for both the East and West Coasts.
Latina women are also very important when it comes to the power of purchase. Makeup and beauty products are essential to most women, and the numbers show that Hispanic women also enjoy shopping online for these products. For example, Unilever’s Sunsilk is the first major U.S. brand to include Hispanic-specific hair care needs at launch, with two collections designed specifically for this purpose— Anti Esponja and Anti Caída.
Regardless of the type of advertising, Hispanic market trends indicate a higher level of recall for advertising delivered in a bi-lingual format. Bi-lingual packaging also becomes key, especially when a product might be complicated in applying, such as hair color. Revlon Colorsilk, along with most hair color companies, print their directions in Spanish.
The Hispanic consumer truly matters. Current Latino buying power is projected to grow over the next several years despite current economic conditions. Now, that’s amazing!