Hispanics are the largest minority group in the US – 51 million Hispanics live in the United States, making it the second largest Spanish speaking country in the world, second to Mexico. To put this into perspective, one in every 6th individual and one in every 3rd baby born will be Hispanic in the United States. The projected increase in population between 2010 and 2015 is 167 percent. This means that 42 percent of the population will be Hispanic by July 1, 2050.
Hispanics are a substantial and influential consumer market with a purchasing power of $1.5 trillion and rising. This has increased at a compound annual growth rate of 7.5 percent, more than twice as fast as the 2.8 percent growth rate for the total U.S. purchasing power.
U.S. Hispanics are ahead of the curve when it comes to digital and they lead in adoption of new devices. They are power users of mobile and are over-index in video consumption. Hispanics adopt multiple screens at a higher rate than the national average. Nearly 72 percent of Hispanics own smartphones, close to 10 percent higher than the average in the U.S.
The Hispanic market is a very influential group in the United States. If Hispanics are not on your marketing radar, chances are you are already one step behind your competition. Get ahead of the curb and educate yourself on the importance of marketing to Hispanics.