How to Tap into Hispanic Buying Power: Cinco del Mayo

How much buying power do Hispanic consumers control in the U.S.? A new report from researchers at UCLA and Cal Lutheran suggests it's around $4.1 trillion. To help businesses and media sales teams effectively tap into Hispanic buying power, AdMall® is spotlighting its latest AudienceSCAN® insights, which identify specific consumer behaviors and high-​intent purchasing trends for the spring season.

Advertising to Hispanic Consumers

AdMall’s AudienceSCAN research reveals critical data points that allow marketers to move beyond generic campaigns and target specific Hispanic consumer needs:

• Social connectivity: Around 56% of Hispanic consumers are active on TikTok, significantly higher than the 43% of the general U.S. adult population.
• Media influence: Hispanic consumers are 17% more likely to say "local media helps me determine which products to buy" than the general U.S. adult population.
• Streaming TV: 51% of Hispanic consumers have responded to a streaming TV ad in the past 30 days, with a top action of clicking on the advertiser’s online ads.
• Celebration spending: 16% of Hispanics intend to attend an ethnic festival in the coming year; 13% will attend at least two quinceañeras — formal celebrations of a girl’s 15^th birthday that drive heavy spending on catering, live music and professional videographers, in addition to gifts.
• Brand switching intent: Hispanics are 25% more likely than other U.S. adults to plan to switch their gym or health club this year.
• Affluent subsegments: Approximately 4% of U.S. adults are Affluent Hispanics with household incomes exceeding $150,000. Remind your accounts to emphasize high-​end and luxury terms in marketing as 17% of these consumers prefer to purchase these kinds of products. And, notably, 15% of these consumers plan to start a business in the next year, a far higher rate than average U.S. adults.
• Radio/​streaming audio: Around a third (31%) shares that their favorite music is Mexican/​Latin/​Spanish/​Tejano/​Tropical. In addition, over 39% like listening to Hip Hop (Rap).

"Reaching the Hispanic market doesn't require a Spanish-​language strategy alone," says C. Lee Smith, CEO of SalesFuel and Certified Professional Behavioral Analyst. "The data is clear — seven in ten Hispanic Americans born in the U.S. are English proficient. The ideal standard is bilingual content, but a well-​executed English strategy will still move the needle significantly."

The Modern Economic Impact of Cinco de Mayo

Cinco de Mayo has evolved into a major event on the U.S. retail calendar, with annual expenditures for food and beverages alone typically topping $3 billion. Today, the holiday serves as a primary opportunity for consumers to purchase apparel, gather with friends and enjoy festive music and parades.

According to recent spending trends, Americans prioritize their Cinco de Mayo budgets across several key categories:

• Decorations: 12%
• Travel: 27%
• Music/​Entertainment: 25%
• Apparel: 20%
• Food/​Beverage: 16%

Don't let your accounts miss out on Hispanic buying power. Cinco de Mayo is just one of many opportunities for reaching out to these consumers. Keep in mind that National Hispanic Heritage Month is celebrated from September 15 to October 15 every year.

Targeting Hispanic Consumers

With a subscription to AdMall, you can show your accounts where Hispanic consumers reside in their market down to the zip code level. You can also segment data by education attainment and by income level. In addition, AudienceSCAN contains additional Hispanic-​related profiles highlighting media use, purchase intent and preferences about personal activities and charities.

Image by Polina on Pexels.