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Nielsen’s latest Diverse Intelligence Series report, La Oportunidad Latinx: Cultural Currency and the Consumer Journey, dives deep into what drives U.S. Hispanic consumer’s purchasing habits. This year’s report showcases the many points of entry for marketers to reach the Latinx market. Nearly twice as many Latinx consumers will visit websites/apps on their smartphones as on a computer or tablet.
“The Latinx path to purchase is social and circular, meaning recommendations of friends, family, and virtual networks play a preeminent role in product/service discovery, awareness and decision making,” commented Stacie de Armas, Nielsen’s VP, Strategic Initiatives & Consumer Engagement. “The Latinx affinity for technology and specific media platforms can provide marketers with a look at what’s next through authentic engagement and outreach strategies.”
The report also showcases how Latinx buying power, which is expected to rise toUS$1.9 trillion in 2023, is increasing at a rate more than double non-Hispanic growth over the same period.
The U.S. Census projects that the Latino population in the U.S. will nearly double to 109 million in the 40 years between 2018 and 2058, a projected percentage change of 82% vs. only 9% over the same period for the non-Hispanic population. Also, Latinx consumers love navigating life with their mobile devices, as evidenced by the fact that 98% aged 2+ own a smartphone, versus 95% of the total U.S.
The highly social nature of the Latinx community and their love of technology and specific media channels can provide marketers with a fast track to making their product “go viral’ if those marketers seek insights and develop solid Latinx strategies.
They are more likely than the general population to use social networking sites to find out about products and services, and share their product/services experience on the sites.
Nielsen: Linear TV dominates the visualization time of TV viewers in the US
