US Hispanic marketing trends indicate a niche experiencing explosive growth. All companies, both small and large, are starting to pay close attention.
Trends are showing that Hispanics are becoming a driving force in the American market. Hispanics were responsible for 81% of US labor force growth from 2008 to 2018 and the percentage of Hispanic homeowners has risen to 47.1%.
In this article, we’ll touch on the 3 top Hispanic marketing trends you should be paying attention to in 2020:
- Increased Homeownership and Wealth
- The Rise of Gen Z
- The Best Hispanic Marketing Strategies
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Here’s an infographic summarizing US Hispanic marketing trends!
1. More Homeowners Are Hispanic (and Wealthier) Than Ever Before
When it comes to housing, Hispanics were the only ethnic demographic to show an increase in homeownership rates after the recession.
But that’s not all.
60% of Latinos are making more than $40K a year, and the majority of that 60% make more than $60K, according to the Culture Marketing Council’s 2019 Hispanic Market Guide.
US Companies Boost Their Hispanic Marketing Strategy
Earlier this month, Univision, the largest provider of American Spanish-language television content, was announced that Univision Communications is selling Gizmodo Media Group and The Onion, a satirical news website.
Why is that? Well, Univision had originally bought these groups back in 2016 to focus on the young, English-speaking demographic. The sites didn’t make much profit and Univision is now focusing back on Spanish TV.
Hispanics Crave Digital Content
LATV has also announced that they are trying to reach Latino millennials by expanding its digital content. They want to focus on stories from the Hispanic community including topics like food, culture, beauty, sports, politics and more.
And get this.
LATV is even relaunching their website and social media channels and is even working on campaigns aimed at their young Hispanic audience.
Outside of traditionally Hispanic companies, Pepsi created a Hispanic Business Unit in 2018 to focus more specifically on the US Hispanic market and not just the Latin American market.
Marissa Solis, Vice President and General Manager of Pepsi’s Hispanic Business Unit, discussed the importance of the Hispanic market in the Linkedin article “PepsiCo’s Way to Business Growth Via Hispanic Marketing.”
Here’s what she said:
“They’re 100 percent Latino, they’re 100 percent American, but they’re 200 percent unapologetic…they are proud of who they are. And they’re not the ones assimilating into the culture; they’re the ones creating and pushing the culture…so these are the consumers that we want to go after.”
2. Gen Z Hispanics Are Paving the Way for Future Growth
Younger Hispanics are also emerging as a future powerhouse in the US market. 1 in 4 people under the age of 18 are Hispanic.
These Gen Z’ers are not the same as their parents.
90% of Hispanic Gen Z’ers were born in the US and are bilingual, but more than half of them prefer to use English.
Hispanic Gen Z’ers have more purchasing power than past generations and are more likely to buy a product online and more frequently than whites and African Americans.
This purchasing power is seen in the high rates of shopping on Nike and eBay from male teens.
These teenagers are also more likely to pay for online TV and movies than other demographics.
3. Best US Hispanic Marketing Trends for Your Targeting
As the Hispanic market continues to make its presence known, businesses are trying to tap into the Hispanic spending power.
Marketing to Hispanics is not as easy as it used to be – generations respond to different tactics. Spanish TV ads won’t reach the entire Latin market.
They may get to the older Hispanics who watch mostly television, but if you want to target the younger generations, digital content in English and/or Spanish is the way to go.
Targeting young Hispanics is a good idea. The average age of Latinos in the U.S is 28 compared to non-Hispanic whites at 42.
Wield the Power of Social Media
More than half of Hispanic mobile viewers choose their smartphones to watch videos and they are more likely to watch ads that relate to their culture. Also, videos are important for their purchasing decisions.
The percentage of Hispanics that use YouTube when they want to learn about a product is 75%.
With their heavy use of social media and YouTube, connecting with Hispanic influencers is one way to market to younger generations. Placing culturally relevant ads in videos can also get their attention.
Market to US Hispanics Online
What do you think about the future of US Hispanic marketing? Will businesses start seeing the importance of the growing Hispanic population in the US?
Colibri Content always stays up-to-date on current Hispanic marketing trends so we always know how to reach and sell to the growing US Hispanic market!
Email us at email@example.com to see how we can help you reach this growing market!