Today marks the start of National Hispanic Heritage Month (Sept. 15 to Oct. 15), a time that since 1988 has been officially dedicated to celebrating the rich cultures and proud histories of people who trace their family roots back to Spain, Mexico, the Caribbean, and Central and South America.
As marketers, we’re always looking to better connect with people. This month, as we honor the contributions and influence of Hispanic Americans to the history, culture, and achievements of the U.S., we want to highlight five things that marketers should know about the fastest-growing population segment in our country.
- The Hispanic Population is Flourishing
The U.S. is heading towards a multicultural majority – something that’s already a reality for people under 35 – and it’s the Hispanic community driving that cultural and demographic transformation. According to the U.S. Census, Hispanics now make up nearly 20 percent of the population – a number that’s up 23 percent over the past decade, far outpacing the nation’s overall population growth of 7 percent.
- Purchasing Power has Skyrocketed
Not surprisingly with that population explosion, Hispanic purchasing power in the U.S. also stands at an all-time high, now checking in at a whopping $2.8 trillion. To put that in context, if American Latinos were a standalone economy, they would constitute the fifth-largest and fastest-growing GDP in the world, trailing only the U.S., China, Japan, and Germany.
With growth and power like that, brands today should be taking the opportunity to revisit marketing budget allocations and ensure that they’re prioritizing the Hispanic market as a big part of the American mainstream.
- Communication is Key
It’s also vital for brands to know how to correctly communicate to the Hispanic community. The Hispanic Marketing Council provides some valuable insights on that subject, reporting that 89 percent of Hispanic audiences seek out content in their preferred language and 71 percent seek out content from diverse-owned businesses.
Half of Hispanics also are more likely to buy from brands that advertise in inclusive content and 82 percent say they’re loyal to companies that make a sincere effort to be part of or invest in their local communities.
- Knowledge is Power
According to the Hispanic Marketing Council, consumers also are searching for brands that are knowledgeable about what it means to be Hispanic. No group is monolith, and it’s crucial for marketers to understand that the culture and customs of one Hispanic community may be completely different from another. For authentic campaigns, brands should see to target specifically and tap into the particular qualities of subgroups and subcultures that are true to life.
- Embrace the Market with Open Arms
Bottom line: the growing Hispanic market offers endless opportunities for brands. As one of the most prominent population segments in our country, Hispanic Americans hold immense purchasing power as well as massive potential for brands to create deeper relationships.
But you can’t take a one-size-fits-all approach when engaging with this market. Take the time to learn about distinct Hispanic communities in the U.S., work to enhance your company’s inclusivity efforts, and seek to be as authentic as possible. There’s no better time than now to celebrate everything that makes the Hispanic market so unique and influential!
