Hispanics consist of over 57 million people in the US today. This is expected to shoot up to 29% by 2060 to reach 119 million people. With such demographics, the influence Hispanics hold in the market today is apparent.
There is a booming trend of consumer habits exhibited by this population. They’re changing the way companies do business. Here are insights on how Hispanic demographics are changing the market today, and the opportunities they have brought about.
Buying power
Recently, Hispanic demographics are controlling the American market. In 2015, Hispanics controlled $1.3 trillion in buying power, and there are projections this buying power will reach $1.7 trillion by the year 2020.
Opportunities
One of the sectors that are bound to benefit with the growing Hispanic demographics is the education sector. In 2014, 74% of Latinos who graduated in high school were enrolled in colleges. Such a population joining tertiary institution is bound to help drive positive economic results by raising household income and bringing more expenditure per household.
Digital marketing
The new Hispanic demographics are also having an impact in digital marketing; as a result, there’s an expected increase in advertising. The Hispanic consumers are looking for companies with online influence. They are now settling for online markets with same-day delivery and faster response rate. Companies investing in online advertising and branding are bound to make $14 billion from this market by 2019.
Luxury brands and investment services are projected to earn big with the latest Hispanic demographics. There are over 8 million Latinos with a household income of over $100,000. Initiating the right technology and reaching the audience with a convincing message using cost efficient tools will lead to profits.
Branding
Most businesses investing in the Hispanic market will be working on brand advocating and content influencers. There’s need to invest in paid searches and data analytics. Google searches 94% of online Hispanics and tries to effectively reach them when they are searching for items on the web. Companies that invest on facilitating Spanish language text search and boosting location-based search will earn huge profits.
Hispanic demographics are changing the American market and opening new opportunities. There’s a rapid growth of Latino population, and they are now influencing market trends. Businesses implementing innovative and analytical thinking, right branding, proper messaging and knowing the market trends will earn big. This is the most appropriate time to invest in the Hispanic market.
