The Hispanic TV networks have in many ways held up better against the encroachment of new media than their English-language counterparts. Spanish-language viewers are much more likely to watch TV programs live than English-language viewers, endearing them to advertisers. And ratings for a number of networks, including Telemundo and Univision Deportes, have risen, a rarity for any channel these days.
The Hispanic market, namely the young Hispanic market, has recently taken the cord-cutting theory by storm. Spanish is the second most popular language spoken in the United States and this fact is becoming widely evident in the types of shows that the Hispanic market wants to see.
The Latino market is poised to spend $1.3 trillion this year and Hispanics will make up 30 percent of the U.S. population by the year 2060, but this is just the tip of the iceberg when it comes to the reasons why no business can afford to ignore this growing segment of the marketplace. Here’s what you need to know.
U.S. Hispanics are ahead of the curve when it comes to digital. They lead in adoption of new devices. They are power users of mobile and over-index in video consumption. But despite the facts, these consumers are vastly underserved, and the opportunities to reach them through digital remain largely untapped. But what, exactly, should marketers be doing? To see what’s working (and what’s not), our Vice President of Americas Marketing, Lisa Gevelber, looked at the strategies of leading brands and forward-thinking marketers. Here are the top lessons she learned.
The United States population of Hispanic consumers wields a formidable combination of fiscal optimism and buying power in excess of $1 trillion, making progressively more acculturated Latinos a demographic capable of shaping the nation’s future economic and marketing trajectory, according to a new report, “Latino Shoppers: Demographic Patterns and Spending Trends Among Hispanic Americans, 8th Edition,” by Packaged Facts. Hispanic buying power is projected to reach $1.3 trillion in 2014, a cumulative increase of around 25%.
From 2000-2006 we saw a dynamic population increase for Hispanics in virtually every state. Only New York had less than a 20% increase in its Hispanic population. 15 states had increases of more than 40% in those 6 years. The Hispanic community has begun to seek out new locations to live and work in recent years. This suggests that the Hispanic community is now found or soon will be found almost everywhere in significant numbers;
One of the points I have been making of the value of marketing in Spanish to Latinos/Hispanics is the emotional pull the language has to them. Even to those whose families have been in the U.S. for multiple generations and consequently have members who speak English well, respond positively to be addressed in their native language. An analogy I like is how we respond to grandma's home cooked meals; we are pulled in by the essence of the culture and how it feels. Take a look at this data and take about language and media use: LANGUAGE PREFERENCES & MEDIA USAGE • More than eight-in-ten (82%) Latino adults say they speak Spanish, and nearly all (95%) say it is important for future generations to continue to do so.
I am frequently asked what my assessment is of the 'Latino Market' here in the United States. In summary I respond that it is a wonderful business and marketing opportunity underscored by the 50 million Latinos who live in the United States; all of whom need products and services. Like with all market niches, those who wish to focus on positioning themselves for engaging them and thus creating opportunity will always do well. Those who watch, think and wait will be passed by by those who recognize the opportunities at hand.
Now that the 2012 U.S. elections have concluded I think it is timely to reflect on the evolution of the role of the Latino community in the U.S. Even before the elections were over many political pundits were predicting that the Latino community vote would be essential to the results. They were right! All the data points show that the Latino community turned out in record numbers and by a more than 2-1 ratio voted democratic, not republican. Already, forecasters wise of the demographic changes related to Latinos in the U.S. over the past several decades, are predicting the demise of the Republican party due to the Latino vote now and in the future.
"Hispanics," "immigration" and "immigrants," whether "illegal" or not, have been hot topics during the presidential campaign. But these discussions have all missed the point: The United States isn't becoming a Hispanic nation; it always has been. Whether Hispanics account for 15% or 16% of the population today is immaterial. Hispanic culture has been part of "America" longer than the United States has existed. Spanish Shaped America Understanding Hispanic heritage is key to understanding the roots of American culture, whether it is the dollar sign, cowboy icon, barbecue and mustangs or Texas chili -- which is as old as the Constitution. Five states have Spanish names (Florida, California, Nevada, Colorado, Montana) and four more (Texas, New Mexico, Utah and Arizona) have Hispanicized native names. And it's no wonder: Until the mid-19th century, they were all part of New Spain, and then part of Mexico after independence, before the U.S. took them over.