It’s no surprise today that the Hispanic consumer represents a key demographic group within the United States. For any company or organization wanting to achieve growth, they must be able to successfully target this group. In a recent report, Nielsen looks at how the power and influence of the Hispanic consumer has grown over the past few years. From 2010-2015 alone, the Hispanic population represented close to 50% of the U.S. population growth.
Currently, Hispanic makeup nearly 18% of the U.S. population. Interestingly, as both immigration and birth rates continue to fall, Hispanics will “drive most of the population growth going forward”. According to the latest U.S. Census, “Hispanics will make up 65% of the country’s population over the next 45 years.” In 2015, Hispanics “controlled $1.3 trillion in buying power, an amount that is greater than the GDP of Australia and Spain.”
In terms of education, “Latinas have made the most grains, with college enrollment among female Hispanic high school graduates is greater than both non-Hispanic whites and African-Americans.” According to Nielsen, this increase in higher education helps propel the economic growth Hispanics have experienced recently. For example, in 2014, “Hispanic household income has increased to $42,396 from $40,946 from 2009.”
When it comes to languages, a majority of the younger generations of Hispanics are bilingual. Of the total population of Hispanics, “55% are bilingual, 27% are English-dominant and 19% are Spanish-dominant.” Language comfort also influences how Hispanics listen to radio, with Spanish-dominant adult super listeners spending 13 hours and 12 minutes listening to the radio a week in 2015.”
From Nielsen’s report, it’s clear that Hispanics will continue to play a dominate role in the U.S. As their buying power rises, they will be an even more important group for communicators to successfully reach. Do you target Hispanics in your media outreach? If so what are some successful strategies you use?