There are many reasons to target Hispanic consumers. The most obvious one is size. The US Hispanic population is projected to grow to 79 million by 2030, when they will comprise 22% of the total, growing at more than six times the rate of non-Hispanics. The Hispanic market currently accounts for an estimated $1.2 trillion in purchasing power, and that will only grow too, undoubtedly.
Hispanics are far from being a monolithic group, and targeting such a large and diverse population is no easy feat. But there is common ground in the value placed on family.
Among 32 personal values that Roper Reports surveys track, Protecting the Family ranks #1 for Hispanics (as it does for the general population). Hispanics also spend a lot of their leisure time with loved ones. For example, 44% of Hispanics enjoy cooking with family and friends, a sentiment led by mothers at 56%. In addition, Hispanics consider family a major source of life satisfaction; 52% are completely satisfied with their marital status, 50% with the way their parents treated them, 49% with the way they treated their parents, 47% with their marriages, and 38% with how they’ve raised their children.
It is also important to note that family may have a broader definition for Hispanics, extending beyond the traditional nuclear family with dependent children. For instance, young Hispanic adults are more likely than average to live with their parents and in multi-generational households.
While there is no such thing as a one-size-fits-all strategy for marketing to Hispanics, a good starting point for marketers might be to develop campaigns that emphasize the importance of family, something that resonates across Hispanic segments. A recent Wells Fargo TV commercial taps into this opportunity on several levels. The story-driven ad features a young Hispanic woman using a mobile app for a financial transaction. In the process, it is bilingual, multi-generational, and set against the background of preparation for a family meal.
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