• by Sarah Mahoney  @mahoney_sarah, March 3, 2025

Reports that Coca-Cola has reported some immigrant employees to ICE have sparked a Latino boycott.

As brands face backlash for being too "woke" or not "woke" enough, some Latino consumers are taking action. Many are backing what’s being called a “Latino Freeze,” targeting companies perceived as anti-Hispanic.

Ana Valdez, president and CEO of the Latino Donor Collaborative, explains why this movement is gaining traction and what brands still don’t understand about the growing economic power of Latinos.

Interview has been edited for length and clarity.

Marketing Daily: Many groups -- especially Black and LGBTQ consumers -- are boycotting brands over diversity rollbacks. Is the Latino Freeze coming from the same concerns?

Ana Valdez: It’s a little bit different for Latinos. We’re not only affected by DEI, but also by deportation. Even people who are entirely legal, some who have been here for years, are worried. If you look Latino or you're speaking Spanish on the street, you're a target. That’s a violation of human rights, and in our minds, our community is being targeted. We are more affected by this DEI backlash, but there’s more to it.

Marketing Daily: What don’t marketers quite understand?

Valdez: We're not a race. We’re more of a segment and come in all colors and shapes. And we’re growing so fast, with so much economic power. I’m not diminishing the fact that DEI is an important cause, and sadly, so many businesses are being pushed to make these anti-DEI stands that I suspect many don’t agree with. But from a business point of view, I don’t think companies will stop focusing on and engaging Latinos. Economically, we’re really big.

In two of the most important states -- Texas and California -- we are a majority and bigger than the Anglo community. Connecting with Hispanics is no longer a philanthropic issue or a DEI issue. The most important leverage point is that the Hispanic market will eventually become 30% of the U.S. If you’re in business, you better have a successful strategy.

Marketing Daily: What’s the biggest misconception brands have?

Valdez: For one thing, many think the market is all about Mexico, but that’s not so. Since 2008, Mexican immigration has diminished severely. It's negative today.

And they use these counterproductive immigrant narratives. Hispanics are increasingly American-born: 94% of Latinos under 18 were born here, compared to 46% of those age 35 or older. Outdated immigrant narratives are inaccurate and counterproductive.

Marketing Daily: One of the most surprising demographic shifts in the last election was Latino support for Trump. He didn’t win this segment, but did get 43% of the Latino vote, an eight-point increase from 2020. Why?

Valdez: To understand the Latino community, you need to be almost surgical in any analysis. Remember that many Hispanic people came from countries that suffered under a tyrannical left, including Cuba and Venezuela. They tend to be conservative as a reaction to that experience. And many of them came to the U.S. in a documented way. They were given residency and opportunities. They don’t believe they’ll suffer under deportation policies. And Republicans catered to those groups, while I think Democrats didn’t invest enough.

The Hispanic community feels taken for granted. If it's true that Latinos may have given the Republican Party the election, I hope both parties learn from that. This is not a community to take for granted.

Marketing Daily: Regarding activism, your research shows younger Hispanics are very different from their parents. Why?

Valdez: Yes, they see themselves as activists and culture drivers. They want to be influencers. And 68% of young Latinos (12-34) feel brands fail to represent them. That compares to 57% of non-Latinos.

Marketing Daily: Do you think the Latino Freeze—or any of the boycotts—will have an impact?

Valdez: The media hasn’t talked much about these boycotts—people are finding out about them on social media. Those who are aware will show up, but the most important part is this is just the beginning.

We are talking about a generational shift. We did some research with Kantar last year, working with brands like L’Oréal, Capital One, and Colgate, and we’ve found that the younger generation is infinitely more active than their parents. They’re still devoted to their parents. But they want to be represented. They’re raising their voices, supporting Pepsi and calling out Coca-Cola. They’re doing their research, right down to the makeup of corporate boards.