Last updated on September 7th, 2012 at 10:40 am
More than 52 million strong and representing the majority of population growth over the next five years, Latinos have become a prominent actor in all aspects of American life, according to “The State of the Hispanic Consumer: The Hispanic Market Imperative,” released today by Nielsen, a leading global provider of information and insights into what consumers watch and buy. Latinos are a fundamental component to future business success, with a projected buying power of $1 trillion in 2010 expected to grow 50 percent to $1.5 trillion in 2015.
“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 for 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.”
Looking closely at Latinos’ media habits and purchasing behaviors, “The Hispanic Market Imperative” reveals that:
• Rapid Latino population growth will persist; the median age of this segment is 28 years old, nearly 10 years younger than the total market median age of 37;
• Latinos are the largest immigrant group to exhibit significant culture sustainability, with nine out of 10 Latino parents and parents-to-be wanting 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, Latinos spend 68 percent more time watching video on the internet and 20 percent more time watching video on their mobile phones than non-Latino whites; and
• Latinos exhibit product consumption patterns distinct from the broader market. Latinos make fewer shopping trips per household than non-Latinos, for instance, and spend more per trip.