3 Hispanic Market Segments to Focus on This Year
As the number of U.S. Hispanics continues to grow, honing in on specific segments of this population can provide brands great marketing opportunities.
We recently published a post titled “Remember, Hispanics Are More Than Just One Group”, which noted the differences and diversity of the U.S. Hispanic audience. For marketers, that means you can’t just target U.S. Hispanics as one group and hope to effectively reach them on an individual basis.
Following up on that idea, the recent Forbes article “The Hispanic Market ‘Long Tail’: Five Hidden Growth Opportunities For U.S. CMOs To Win In 2017” looks at five sub-segments of U.S. Hispanics that may be of interest to companies.
Here’s a quick summary of a trio of the audiences mentioned in that article, and what makes these segments notable to marketers:
As the “now” youth generation, millennials are on every brand’s radar at the moment. And a large chunk of that generation is made up of Hispanics—19 million according to the Forbes article.
“Almost 25% of all U.S. millennials are Hispanic, and these consumers, while displaying similarities with other non-Hispanic millennials when it comes to attitudes and behaviors, also demonstrate a strong connection to the Latino culture.”
Almost a third of U.S. Hispanics (19 million) are non-Mexican. The article notes this population is growing quicker than its Mexican-Hispanic counterpart, is primarily bilingual, and has strong ties to digital media.
“This group is mostly foreign-born (63%) and comes mainly from Puerto Rico (almost 6 million). Recently, it has seen a significant growth from South American countries, including Venezuela, Colombia and Brazil.”
Hispanics w/ 100k+ Household Income
“There are more than 2.4 million U.S. Hispanic households with an annual income at or above $100K, representing almost 7 million Hispanics.”
Income levels for U.S. Hispanics have been growing for years. Interestingly, the Forbes article notes that 100k+ U.S. Hispanic households may have more in common with lower-income Hispanic households when it comes to buying behaviors than they do with non-Hispanics at similar income levels.