Hispanic consumers continue to increase as a percentage of the U.S. population and in their purchasing power. It should come as no surprise that advertisers are spending more to reach these consumers. But the recent analysis performed by eMarketer on this sector reveals an interesting detail – marketers are not rushing to increase their digital spending to reach Hispanics.
eMarketer analysts considered several sources, ranging from Advertising Age to Kantar Media, in their recent report. Altogether, major media spending that targeted Hispanics amounted to about $8 billion last year. This is an 11.1% increase over the previous year. TV and spot radio recorded the biggest jumps as the following numbers show:
- TV $5.775 billion (+16.5%)
- Newspapers $683 million (-2.7%)
- Magazines $294 million (-19.5%)
- Spot radio $725 million (+8.9%)
- Online $431 million (+2.5%)
TV clearly accounts for over half of ad spending that targets the Hispanic market while online has a much smaller percentage. Analysts found it curious that online spending only increased 2.5% in this sector last year, while in the broader market, the increase was more like 15%. At the same time, it’s obvious that marketers are anxious to reach Hispanics as the 11.1% increase in ad spending to target this audience last year far outstrips the average ad spending of 4.3%.
Analysts are encouraging marketers to consider digital campaigns to reach Hispanics. These consumers are adept users of technology and 64% of the audience is on Facebook.
To learn more about Hispanics, check out the AudienceSCAN report available on the Research Store at ad-ology.com.