“Hispanics are experiencing the largest homeownership gains of any ethnic group in the U.S., a turnaround for the population hardest hit by the housing bust that could help buoy the market for years, reports The Wall Street Journal.”
10% of the Hispanics surveyed are more likely to spend based on advertising—double the 5% of whites who find gift ideas based on marketing. ThinkNow Retail™ suggests that the adoption of mobile shopping among the total market, especially Hispanic consumers, has changed the dynamic of the consumer shopping experience, but not consumers’ desire to shop. And we’ll see that theory play out this holiday shopping season, Mario X. Carrasco says.
New research by The NPD Group and Univision examines the shopping behaviors of U.S. Hispanics. Hispanic Americans — particularly those who speak Spanish on a regular basis — donÛªt shop in the same way, and donÛªt buy the same things, as other Americans, according to The NPD Group, a leading global information company.
During the past decade the food-buying habits of Hispanics have begun to mirror those of American consumers as a whole, and U.S. marketers must be aware of various emerging trends if they seek to effectively reach the increasingly influential Latino consumer segment
Pew Research indicates that 37 million U.S. consumers speak Spanish. Many of these consumers aren’t comfortable reading in another language, especially English. They’re turning to Spanish-language publications in a big way and that trend is driving advertisers to spend more in this media format.
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.
U.S. Hispanics have been on the leading edge of mobile adoption. By yearend, an estimated 25.6 million Hispanics (46.9% of this demographic group) will be using smartphones. Hispanic travelers are heavy mobile users during travel as well. Nearly 24% of U.S. Hispanic travelers “almost always” used their mobile phones to search for a hotel before traveling.
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.
U.S. Hispanics have their largest meal of the day at lunch and consume more of these meals in the home than away-from-home. As a result, this large population group is influencing overall growth in the food categories they typically consume at lunch, reports The NPD Group. Rice is one example of U.S. Hispanics’ rising influence on overall consumption trends.
In only one decade, Hispanics in the U.S. increased from 13% to 16% of the population. By 2015, these consumers are expected to wield spending power of up to $1.5 trillion. Marketers are striving to find the right strategies to reach these consumers and, in some cases, this means targeting Hispanics by generation.