Today, the Hispanic population has a purchasing power valued at more than $1.5 trillion. This presents a market opportunity that marketers, digital marketers and sales directors are scrambling to get a cut for their brands and companies. There have been prominent pointers that the Hispanics present one market opportunity with the potential to drive sales and raise brand prominence in the U.S.
Here is a look at 5 key indicators that undoubtedly show growth in the Hispanic market opportunity:
The Hispanic Population is Growing Rapidly
The Hispanic population will experience a 163% population growth rate within 2010 and 2050, accounting for a third of the U.S. population. Census data has helped shed light on the unstoppable prominence of this consumer group, which means a critical market opportunity for brands and companies. The ‘underserved’ status of most Hispanic consumers, therefore, means that companies need innovative strategies to attract and retain this market segment through online strategies.
Data from Hispanic Consumer Experts Shows Growth
Renowned organizations that curate Hispanic population and consumer data are constantly pointing to a growth that companies cannot ignore. AHAA has data that shows different segments of the Hispanic population holding key to serious purchasing power and consequently business growth. Nielsen and Pew Hispanic also have nothing but positive and enticing trends that can help inform the decisions of brands and companies to help turn in better revenue streams.
Home Ownership Rate is on a Steady Rise
Data from residential mortgage companies shows that the Hispanics have shown the best trends for growth with regard to home ownership as compared to other American communities, in spite of the recent economic meltdown. This group that represents a good chunk of underserved borrowers is showing growth due to a rapid population growth rate and increasing purchasing power.
Most Mobile-Savvy Groups in the U.S
Hispanic have been rated as highly mobile-savvy (44.7%), with quite a promising response to focused marketing content. They are also loyal to brands that show sensitivity to their culture when doing their marketing. Since almost all growth for companies and brands is being experienced on the mobile platform, this means that marketers cannot ignore this group.
Hispanic Millennials are Exerting Greater Influence
Hispanic millennials have a huge online presence that presents a growth opportunity for companies. Their disposable incomes coupled by a multi-cultural taste gives them great influence in contributing to consumer trends with the Hispanic population.