Hispanics comprise a growing part of the U.S. population, over 17%. These consumers are on the move as they seek to improve their financial and personal prospects. A new survey by TD Bank finds that Hispanics are slow to form a relationship with a financial institution when they enter a new market. Banks can connect with new residents by promoting the services that Hispanic consumers are seeking.
The TD Bank survey shows that only 21% of Hispanic consumers make finding a new bank a priority when they move, versus 30% of all U.S. adults. At the same time, Hispanic consumers are one of the fastest-growing groups of first-time homebuyers. Hispanics say they are moving for the following reasons:
- Bigger residence 30%
- Different neighborhood 25%
- Closer to friends and family 18%
- Employment reasons 17%
- Shrinking family 13%
TD Bank analysts report that, after moving, when Hispanics select a new bank, they do so to reduce fees and charges (47%). While 41% select a bank within 3 miles of home, another 25% use a bank within 4–5 miles from their residence. Banking officials are encouraging Latinos to seek out a bank in advance of their move. Financial institutions with expanded hours and services can be particularly helpful for new residents as they learn their way around a community. These bank can also be financial partners as consumers seek to invest in their first homes.
When targeting these consumers, marketers should remember that 60% of Hispanic adults are between the ages of 18 and 34, based on the findings reported by Ad-ology Research. 17% of these consumers plan to purchase living room furniture and 13.5% plan to purchase bedroom furniture in the next year, activities that are associated with moving and new home purchases. In the past year, 48.5% of Hispanics have taken action as a result of an Internet banner ad.
AudienceSCAN data is available as part of a subscription to Ad-ology PRO. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.