Hispanics have become a prominent actors in all aspects of American life, including future business success, according to a new consumer report released last week by Nielsen, a global information and measurement company that tracks what consumers watch and buy.
According to the report — The State of the Hispanic Consumer: The Hispanic Market Imperative — Latino buying power is expected to grow from $1 trillion in 2010 to $1.5 trillion by 2015.
The Latino population, now at 52 million, is expected to represent the majority of the country’s population over the next five years, according to Nielsen.
“The Hispanic community in the United States is large and growing, and businesses must make strides to understand and engage these consumers,” said Susan Whiting, vice chair, Nielsen. “Due to the general youth of this segment, family focus, strong culture and prevalent Spanish-language use, Hispanic consumers are impacting all areas of work and play and helping to redefine American culture in the 21st century.”
The study examined Hispanics’ media habits and purchasing behaviors, and found that:
—Rapid Latino population growth will persist; the median age of this segment is 28 years old, nearly ten years younger than the total market median age of 37.
—Hispanics are the largest immigrant group to exhibit significant culture sustainability, with nine out of ten Hispanic parents and parents-to-be want their children to speak Spanish, but also be fluent in English.
—Technology and media use do not mirror the general market, but have distinct patterns due to language, culture, and ownership dynamics. For example, Hispanics spend 68 percent more time watching video on the Internet and 20 percent more time watching video on their mobile phones than non-Hispanic Whites.
—Latinos exhibit product consumption patterns distinct from the broader market. Hispanics make fewer shopping trips per household than non-Hispanics, for instance, and spend more per trip.
Nielsen says that for some marketers the information is confirmation of what they have known for sometime, but for others, it represents “a new opportunity to engage with a demographic change and a consumer that is here to stay.”
The report is available at www.nielsen.com and www.nielsen.com/latinos – Nielsen’s microsite dedicated to the Hispanic community.