The Growing Hispanic Market

October 19th, 2021 by

The Hispanic market continues to grow, both in numbers and in buying power.

There are over 63.6 million Hispanic Americans. All the experts expect this growth trend to continue into the foreseeable future. In terms of percent of the U.S. population, Hispanics will become 21% of our nation’s population over the next 5 years. That means that in 2026, there will be 70 million Hispanic American households in the U.S.

Today, 23.5% of the U.S. millennial population is Hispanic. In 2026, 27.2% of the U.S. population under the age of 30 will be Hispanic.

According to research from Claritas, there are some categories that marketers really need to take notice of:

  1. Hispanic households are “underbanked”. The research indicates that Hispanics are 46% more likely to have no bank account
  2. 33% of Hispanic households have a 401K
  3. Hispanic households are more likely to have their homeowner/renter insurance with State Farm or Allstate.
  4. 23% of Hispanic households use a tax preparation service
  5. 99% of Hispanics use a wireless cell phone.
  6. Hispanics are 34% more likely than average to watch live TV on their cell phone
  7. Over 50% of Hispanic households got their prescription drugs at either CVS or Walgreens
  8. The top retail items that Hispanics bought in the past 12 months were skin care items, cosmetics & perfumes, athletic shoes, and men’s and women’s casual clothing. Furniture and mattresses rank very high in terms of purchases made in the last 12 months. Top brick & mortar stores include Ross and Burlington

Country of Origin

Almost 1 out of 3 Hispanic Americans are Spanish language dependent or bi-lingual Spanish preferred.

Sure, that statistic tells marketers that using Spanish may be a plus in their marketing. But that’s not enough specificity for marketers. If we want our marketing to be relevant, we need to focus on our content being culturally relevant.

That means when you select a list to reach into the growing Hispanic market, you need to consider their country of origin. 42% of Hispanic households come from Mexico.  The next largest group – with 6%, comes from Puerto Rico.

Select the Right List to reach the Growing Hispanic  Market

 The key to reaching the Hispanic market is pulling the right list – whether it is for mail, phone, or digital marketing. Marketers need to remember that not all Hispanic households are the same. Today’s marketing lists are very selective. You can choose between Hispanic households by country of origin, assimilation and language spoken at home.