Engage with US Hispanics to grow

New Ideas in MarketingEssential news for marketers, summarised by YouGov
March 18, 2021, 5:01 AM GMT+0

The US Hispanics cohort’s purchasing power is expected to rise to $1.9 trillion by 2023, according to Nielsen’s 2020 census.

The report found that there are currently over 62.3 million Hispanics living in the US, accounting for 19% of the total population. Further, the buying power of Hispanics increased 69% compared to non-Hispanics (41%), over 2010-2019.

The median age of Hispanics is now at 28 years, and the community is quickly reaching its peak earning years. The community is expected grow 53% in the coming five years, making them the primary contributors to the population growth of the country.

75% of US Hispanics speak Spanish at home and are bilingual. Companies could do well to address their cultural uniqueness in their marketing campaigns. With the Hispanic community playing a significant role in the country’s economic growth, corporate America needs to create marketing strategies aimed at Hispanics to ensure long-term growth.

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