Latinos are one of the fastest growing demographics in the USA
According to the University of Georgia, Latinos make up almost 20% of the population of the United States, accounting for 9.7% of U.S. buying power with over a trillion dollars in spending power. In order to secure their competitiveness companies need to be targeting Latino consumers and converting them to loyal customers.
Large companies have known about this powerful demographic for over a decade and have made significant investments in Spanish language advertising. Procter & Gamble Co. was the top spender with $334.8 million, followed by AT&T with $124.7 million. Target is the most recent retailer to focus on the Latino market with their ad campaign #SinTraduccion ("without translation"), spending $51.5 million.
According to Nielson, the median age of Latinos is 27, giving companies an opportunity to capture a young market. Young Latinos represent 27% of the Gen Yers and tha majority of the United States Latino population as a whole. They still embrace their culture, especially when it comes to food, family and music, but are also embracing American values of open-mindedness and abandoning traditionally held notions of class hierarchies. While maintaining close ties to their cultural and linguistics roots, Latino millennials consume media predominately in English with the majority using social media and new technology to access information. Despite a desire to be independent, Latino millennials remain close to their families.
Hispanic Culture, American Lifestyle
For Latinos, family and culture remain the center of identity. Marketing campaigns that play off of cultural norms, engaging Latino consumers with Spanglish phrases and using social media platforms will be successful in connecting with the target audience. Latinos are very loyal customers, investing in capturing Latino consumers now will help to keep you company's competitive edge in the future.
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