Colorado groups are working to appeal to more Hispanic and Latino residents to vote, after recent data from the Pew Research Center found there are around 659,000 eligible Latino voters in the state -- not only voters, but consumers, buyers of products and services.
Hispanic consumers make up 23.2% of the U.S. Millennial population throughout the United States. Based on that percentage, Claritas, a data-driven company, estimates one out of every four Millennials is Hispanic.
By 2028, Claritas predicts that nearly 50% of the combined Gen Z and Millennial American population will be Hispanic.
Claritas has released the report, The 2022 Hispanic Market Report, which offers marketers insight into how to appeal to multicultural American consumers and specifically, the Hispanic population, which the company pegs as the nation’s fastest-growing multicultural subset.
Today, around 66.5 million Hispanic consumers live in the U.S., representing more than $1.7 trillion in annual buying power.
About 70% of Hispanic households subscribe to Netflix, and are 22% more likely to be subscribers than the average U.S. household. About 40% subscribe to Disney+ and are 39% more likely to be subscribers than the average household.
The report also suggests that nearly one out of every three Hispanic Americans are Spanish language dependent or bi-lingual Spanish preferred – and their families originate from a wide variety of countries, from Mexico and Spain to Guatemala, Colombia and Honduras.
Hispanics, according to the report, represent a potentially lucrative customer base for banks and other financial institutions.
The group is “more underbanked than any other race/ethnic group, with only 75% owning a checking account versus the U.S. average of 89%. “Of those who are less assimilated into the U.S. culture – less than 46% have a checking account and only 24% have a savings account. In addition, more than 50% of Hispanic households have opened a new credit account versus 38% of other U.S. households in the past year.
Less than 36% of Hispanics have life insurance coverage -- but this is not due to financial reasons. More than half of less acculturated Hispanics say they simply don’t understand life insurance well enough, and 20% say no one has ever approached them about buying it. Some 60% agree that life insurance is important for retirement planning.
Hispanic consumers rely on mobile devices more so than laptops or desktops. About half use their mobile device to manage insurance and policy claims. Claritas suggests that providers interested in supporting the Hispanic market should build an app and offer it in Spanish.
Almost 30% of Hispanic households switched mobile providers in the last year, and only 46% rate their current mobile provider as “good” or “very good” – making the Hispanic population a potentially good target for mobile service providers looking to steal business from competitors.