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Markets

Ron Cohen

SVP Practice Leadership

Focus: Hispanic

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Multicultural Market Research

“With more than 67 million U.S. residents, Hispanics now represent 20% of the U.S. population. Accounting for more than half of the U.S. population growth since 2000, the U.S. Hispanic population has almost doubled in size since the 2000 Census. The growth rate of the U.S. Hispanic population is projected to continue over the next 5 years – in the time it takes the average person to read this report, there will be more than 150 Hispanics added to the U.S. population. In this edition of the Hispanic Market Report, we offer a demographic snapshot of the rapidly growing U.S. Hispanic market and some insights into what is driving U.S. Hispanic consumers towards (and away from) selected products and services.

The U.S. Hispanic market appears to be growing more diverse than ever. In the 2010 Census, 53% of Hispanics identified as “White” (Race) while less than 43% identified as “Some Other Race” or “2 or more Races”.  In the 2020 Census, only 21% of Hispanics identified as “White” (Race) while almost 75% were classified as “Other / 2+ Races”! A deeper dive into the 2020 census data reveals that the vast majority of these Hispanics self-identified as “White and Some Other Race”, making this category the fastest-growing in the nation. The remarkable growth in the “Other / 2+ Races” category may be partially due to changes in the way the U.S. Census Bureau collected & reported race data in 2020, but the trend is also consistent with other research showing a substantial increase in U.S. residents self-identifying as “Other / 2+ Races”. In any case, this indicates a significant shift in the way U.S. Hispanics identify themselves that may have implications for advertisers trying to reach them. It is critical to understand your Hispanic target market’s demographics and preferences to reach them in a way that will resonate and build brand loyalty.

There are indications in the research data that inflation is having a notable impact on multicultural consumer behavior, especially among Black & Hispanic households. Hispanic households, already known for their tendency to forego landline telephones in favor of their smartphones, are outpacing their non-Hispanic counterparts for cord-cutting in the cable/satellite TV space as well. While this activity is consistent with a more general trend toward digital streaming services, Hispanic households were more likely than non-Hispanic households to say they discontinued their cable/satellite TV subscriptions in favor of a free over-the-air TV setup and were more likely than non-Hispanic White households to cite cost and reluctance to commit to long-term subscription agreements as their primary reasons for cancelling their cable/satellite TV service. We also note a trend toward the use of mobile service providers as the primary Internet provider in the home, especially in Hispanic households. Streaming entertainment services may be the best medium for reaching Hispanic consumers today but be advised – more than 74% of Hispanics reported streaming TV shows and/or movies on their smart phones in the past 3 months, compared to just 44% of non-Hispanics. These are just a few of the many insights you will find in the 2023 edition of the Hispanic Market Report – we hope you find this report interesting and valuable.”


Ron Cohen
SVP Practice Leadership

 

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