Hispanic consumers continue to outspend other groups when it comes to groceries, used cars and phone services. Their $1.3 trillion in economic contribution drives U.S. consumer markets.
"Siempre Beauty III: Latinas and Social Media: the 2015 Siempre Mujer Hispanic Beauty Study" found that Latina women and millennial Latinas are deeply engaged in the beauty category, spending billions on products and services. Latina consumers are digitally savvy shoppers who find beauty everywhere, and they're at the forefront of technology.
Although Hispanic consumers may hold $1.5 trillion in buying power, half of U.S. marketers have failed to establish multicultural marketing initiatives within their organizations, according to a new report.
The perfect athletic outfit is a hot commodity for Hispanic consumers who are willing to pay a premium for fortified, slimming athletic gear, which they'll find when shopping stores longer, spending more money and seeking product education than non-Hispanic shoppers.
The ever-popular "one size fits all" approach to marketing is likely the biggest mistake that marketers, brands and businesses can make, particularly when marketers are looking to win a fragment of Hispanics' spending power.
While upscale Hispanic millennials command wealth with their heavy internet and social media usage, the Hispanic 39-year-old heavy radio user is still quite influential.
With 1.5 trillion in spending power, there's little need for arguing -- Latinos have a firm hold on national wealth and spending that has influences the way mainstream marketers think, function and spend.
"The Crossroads of America," better known as Indianapolis, has quietly experienced a Latino population boom. And the businesses and industries within that community have been making room for business-minded and able-bodied Hispanic/Latino leaders.
YouTube Hispanic, a Google venture that was unveiled at the Hispanic Marketing Forum held in New York during the month of March, has set its sights on gaining the attention of the coveted, blossoming Hispanic demographic to determine what appeals to the group.
The "ambicultural" and youthful Latino consumer population has more years of effective buying power that any other consumer group, and Latinos are using that purchasing window to endorse brands that observe the nuances of their heritage and culture.
Shifts have transpired, and the previously underserved Latino market has proven to be a mighty force to be reckoned with in 2014, and the upcoming year will likely prove the same, according to top marketing experts.
The World Cup only marginally proved what length marketers were willing to go to in order to engage Hispanic online consumers and encourage them to flex their $1.3 trillion buying power in 2014.
Nielsen conducted its annual holiday sales survey and forecast, and the results say that Latino and multicultural consumers will be standing behind the shopping carts this holiday season, driving holiday sales.
Success within the Hispanic market simply demands that small businesses and large corporations provide first-rate service. There are few underhanded tricks to sway the growing community. U.S. born Latinos, as well as those who've recently entered the country under dire circumstances, must be treated with respect, something that many marketers are still struggling to understand.
Based on longstanding statistics, it's expected that the same brand of toothpaste or toilet paper will be found in a Latino household for an entire lifetime -- a loyalty that might even be inherited by younger generations.
