Any way you measure it, U.S. Hispanics are continuing to emerge as a powerful force.
Driven in large part by the tastes and opinions of Latinx youth, the buying power of this vibrant community is expected to approach $2 trillion by 2023.
How can enterprising brands better align themselves with this key demographic?
Along with giving them the respect that they deserve, new research from Nielsen suggests the Latinx path to purchase is even more social and “circular” than most U.S. consumers.
The “recommendations of friends, family and virtual networks play a preeminent role in product/service discovery, awareness and decision making,” explains Stacie de Armas, vice president, strategic initiatives and consumer engagement at Nielsen.
“The Latinx affinity for technology and specific media platforms can provide marketers with a look at what’s next through authentic engagement and outreach strategies,” adds de Armas.
Relative to the general population, U.S. Hispanics are more likely to use social networks to find out about products and services, as well as share their product and service experiences via social channels.
Nearly 40% of U.S. Hispanics say their friends or neighbors seek advice from them before making a purchase -- over-indexing the general population by 10%.
U.S. Hispanics have mastered the art of blending old and new, leading a new wave of culturally relevant trendsetters, per Nielsen.
The Latinx community keeps up with the latest trends by being constantly connected to their inner circles, asking for advice, recommendations and approval from those who mean the most to them.
But doesn’t mean this community isn’t deeply rooted in long-held cultural traditions.
On the contrary, 73% of U.S. Hispanics agree it’s important their children continue the family’s cultural traditions; ethnic cultural heritage is an important part of who they are.
This means that language, culture and familial ties are a foundation in understanding the unique Latinx path to purchase.Longer term, the U.S. Census projects the country’s Latinx population will nearly double to 109 million by 2058 -- a projected percentage change of 82% vs. 9% over the same period for the non-Hispanic population.