As we continue to see a heightened awareness regarding diversity and inclusion in our society, there has never been a more opportune time for strategic multicultural marketing. This is especially true in terms of marketing for the Hispanic community, which remains a sought-after and powerful force within the U.S. population.
In advance of Hispanic Heritage Month (September 15-October 15), here are some key facts that help shine a light on how the Hispanic community continues to evolve.
- According to the Pew Research Center, the U.S. Hispanic population reached 60.6 million in 2019 (up from 50.7 million in 2010). This makes Hispanics the nation’s second-fastest-growing racial or ethnic group after Asian Americans.
- A Hispanic-market study from Nielsen Media Research (with data sourced from Selig Center for Economic Growth, Terry College of Business and The University of Georgia) indicates that Hispanic purchasing power is expected to reach $2.3 trillion in 2024.
- Nielsen’s study noted that Hispanics have increasingly turned to smartphones, apps and streaming services to stay connected during COVID-19. Social media engagement is also rising, with 57% of Hispanics spending an hour or more each day on social networks, compared to 48% of the total population.
- It was also reported that over 60% of Hispanics say they are watching more news and 62% of Hispanics say that radio is a good source of information during COVID-19.
The continued growth of the Hispanic community, along with their increased use of different media platforms, create strong opportunities for engagement via culturally-relevant campaigns. To learn how Connect360 can help you plan a successful Hispanic marketing campaign, please contact us.