Five Things To Know About Hispanic Consumers in 2021
Collage Group’s Essentials of Hispanic Consumers presentation explores three areas of our consumer fundamentals research for the Hispanic segment: demographics and economic opportunity, identity-related marketing expectations, and Cultural Traits. Read below for several takeaways.
Watch a replay of our recent Insights Association presentation and download an excerpt to go deeper.
1. The Hispanic segment is fast growing and economically powerful. It is expected to almost double over the next 40 years, growing from 60 million to 111 million people.
2. Despite comprising just 18% of the population, Hispanic Americans were responsible for 26% of real expenditure growth between 2009 and 2019.
3. Ethnicity is an important component of most Hispanic Americans’ identity, but this does vary by acculturation.
4. One way identity reveals its importance in the segment is the extent to which Hispanic consumers say they want to support brands that support Hispanic people.
5. Brands can better connect with Hispanic Americans by leveraging the segment’s Cultural Traits. Four important traits are: Cultural Duality, Optimism, Warmth, and Tuned-in. These traits can be used to create more authentic advertising, identify efficiencies to connect across segments through shared traits, and identify how to best position your brand.