Overwhelmingly new data and new studies are showing that Hispanic consumers outspend the general market, and they are young! Current evidence shows that as of 2019, those ranging in age from 6 to 34 represent 25% of all U.S. consumers. This consumer segment is underserved and underrepresented in marketing efforts and advertising expenditures. According to Ad Age, in 2018, U.S. Hispanic ads investment was $9.4 billion, that’s only 6% of the total of $151 billion spent on advertising.
If that isn’t convincing enough here are some additional interesting facts from MRI Simmons 2019:
- Hispanic shoppers are 21% more motivated by online ads than non-Hispanics.
- Hispanic shoppers are 91% more motivated by video monitor displays.
- Hispanics shoppers are 76% more motivated by shopping cart ads.
Hispanics are the second largest demographic in the U.S., accounting for 19.5% of the population….and growing! As agencies and brands work together to plan 2020 marketing initiatives, it’s essential to mediate on these crucial facts and take advantage of the tremendous opportunity. Investing in this critical segment is a win for brands, even an incremental increase in marketing dollars allocated explicitly for this demographic.
This demographic is heavily influenced by advertising. The main take away is that no matter how you slice it, more focus on Hispanic marketing will yield sales lift for brands. They are younger, have rising incomes, have higher lifetime value, and increased spending levels. A small investment will equal impactful, measurable results!