Total Annual Spending by U.S. Hispanic Households To Reach $978 Billion in 2020 – Higher Than Any Other Minority Consumer Group
The report gives marketers new insight into the U.S. Hispanic consumer, which today makes up 19% of the U.S. population.
Cincinnati, OH, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Claritas®, a data-driven company that helps marketers achieve superior ROI, today unveiled its newest report, The 2020 Hispanic Market Report. The report gives marketers new insight into the U.S. Hispanic consumer, which today makes up 19% of the U.S. population.
With over 62.8 million members, the U.S. Hispanic population is one of the country’s fastest-growing population segments, accounting for 56% of the U.S. population growth over the last two decades. As a comparison, non-Hispanic U.S. Asians accounted for 19% of the growth, non-Hispanic blacks accounted for 14% and non-Hispanic whites a mere 3%.
Fast growth in the Hispanic market is expected to continue. In fact, Hispanics are projected to drive 62% of the total U.S. population growth through 2025. This makes them an important population segment – one with spending power that marketers cannot afford to ignore.
In fact, annual aggregate Hispanic household spending is projected to reach $978 billion in 2020, making Hispanics the single largest and highest-spending minority group in the United States. On the income side, the aggregate annual household income of the U.S. Hispanic market now tops $1.28 trillion.
The U.S. Hispanic market remains highly challenging for marketers because of its linguistic and cultural complexity, which includes immigrants from Mexico, Cuba, Puerto Rico and many other Spanish-speaking countries. Companies that wish to appeal to members of this highly diverse group of consumers must be aware of differences in dialects, cultures behaviors, interests and values in order to successfully create targeted marketing campaigns.
That’s why many marketers rely on Claritas and its unique CultureCode® syndicated audience tool to more effectively market to multicultural consumers. Claritas’ unique CultureCode tool contains insight into over 245 multicultural groups to enable marketers to create campaigns that are highly effective in getting diverse audiences to engage with and buy from their brands.
“At Claritas, we help our clients use a data-driven marketing strategy to successfully tap into the fast-growing spending power of U.S. Multicultural population segments such as Hispanics,” said David Mesas, VP, Sales & Business Development at Claritas. ”By working with Claritas to strategically connect with Multicultural consumers, our clients have seen campaign response rates skyrocket as much as 400%.”
Marketers interested in more precisely targeting a particular Hispanic or other multicultural segment can easily append Claritas’ CultureCode segments to their consumer and business lists to develop targeted campaigns that are delivered to their prospects’ favorite channels, ranging from direct mail and email marketing to digital campaigns.
The report also covers some key behavior trends that apply across different U.S. Hispanic groups, including:
- Hispanics are 41% more likely than other groups to connect with brands through social media, and their preferred social media channels include Facebook, Instagram and Snapchat.
- Hispanics are also 25% more likely than other consumers to use social media to review a product or service, and Hispanic millennials are 46% more likely.
- Hispanics spend more time than other segments on sites such as Craigslist, eBay, Coupons.com, Groupon and RetailMeNot, suggesting that Hispanic consumers prefer to seek out exclusive offers via bargain sites.
- Hispanics are 34% more likely than average to watch live TV on their mobile phone, 18% more likely to stream digital video via Amazon Prime, and 14% more likely to stream via Netflix.
- Hispanic millennials are 41% more likely than the average millennial to buy pet supplies online and 44% more likely to buy flowers online.
Click here to download your copy of The 2020 Hispanic Market Report.
Media members interested in receiving a copy of the report or who are looking for specific data on the U.S. Hispanic market can contact Cort Irish at [email protected].
About Claritas
For nearly 50 years, Claritas’ unparalleled knowledge of the American consumer has yielded the most adopted segmentation in the industry, helping marketers identify their best customers. Through key acquisitions, the company has transformed into a marketing leader, now offering a single-source suite of solutions that give marketers the ability to identify their ideal audiences, deliver multichannel marketing engagements with precision and leverage measurement tools to optimize their media spend across online and offline channels and thus drive better marketing ROI. With an accuracy-first foundation, the robust Claritas Identity Graph serves as the engine that drives these powerful solutions, encompassing a proprietary data set of over 255 million consumers across over 600 million devices and 10,000+ demographic and behavioral insights. More information can be found by visiting www.claritas.com.
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Cort Irish Claritas 4024157764 [email protected]