The second generation of Latinos living in the United States is breaking the paradigms we had become used to. One of these is that Latinos are disconnected from the digital world or they do not give it much importance.
Nothing could be further from the truth. Latinos living in the United States have acquired a level of relevance that is now hard to ignore as it appears to be on the rise. As proof, I would like to share a few hard facts which show why the Latino market is becoming so strong.
One conclusive factor favoring the Latino segment’s relevance in the United States is its demographic growth. According to Nielsen,the Hispanic segment is the highest growing segment in the United States. According to “The Digital Consumer” study, this population group is expected to grow by 60% over the next three years.
If that wasn’t enough, its projected demographic growth is overwhelming. According to Google “Your Next Big Opportunity: The U.S. Hispanic Market”, the Latino market’s population will grow by 163% between 2013 and 2050, meaning it will account for 30% of the entire US population by July 1, 2050.
Digital Consumption and Purchasing Power
If demographic growth wasn’t enough to convince you of the relevance of the Latino segment, we also have some of the segment’s consumption habits on hand. Hispanic consumers have been faster than other population segments to adopt the use of multiple screens for consuming multimedia. Not only that, they account for 47 million traditional television viewers in the United States.
On the other hand, Latinos dedicate more than eight hours per month to consuming online audiovisual content. This is 90 minutes above the overall US average. (Nielsen)
Latinos are also accepting Smartphones at a higher rate than any other demographic group: nearly 3 out of 4 Latinos own a Smartphone (72%) which is nearly 10% above the average (Nielsen).
Finally, we need to demythologize the idea that Latinos do not have purchasing power. In 2010, the segment registered purchasing power of a trillion dollars and the following year this figure rose to 1.5 trillion (Google).
This data definitely opens up a whole new panorama and invites us to take advantage of the growing demand in the Latin American market by offering these consumers quality services which are adapted to their needs.