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Accounting for more than 52 million people in the United States, Latinos are expected to represent the majority of the population growth during the next five years and have become prominent influences in all aspects of American life, according to New York City-based Nielsen’s “The State of the Hispanic Consumer: The Hispanic Market Imperative” report. Nielsen projects that the buying power of Latinos, which in 2010 ranked at $1 trillion, will increase 50 percent to $1.5 trillion by 2015.
“The Hispanic community in the United States is large and growing, and businesses must make strides to understand and engage these consumers,” said Susan Whiting, vice chair of Nielsen, in a statement. “Due to the general youth of this segment, family focus, strong culture and prevalent Spanish-language use, Hispanic consumers are impacting all areas of work and play and helping to redefine American culture in the 21st century.”
Nielsen’s study found that the median age of the Latino population in the United States is 28 years old, which is 10 years younger than the total market median age of 37. Nine out of 10 Hispanic parents and parents-to-be want their children to speak Spanish, but also to be fluent in English, which showcases the group’s desire for culture sustainability, according to Nielsen.
In terms of shopping patterns, Hispanics make fewer shopping trips per household than non-Hispanics and spend more per trip, Nielsen’s “State of the Hispanic Consumer” research found.
Technology and media use by Latinos does not mirror the general market; instead, the group spends 68 percent more time watching videos on the Internet and 20 percent more time watching videos on their mobile phones than non-Hispanic whites, Nielsen reported.