More than 52 million strong and representing the majority of population growth over the next five years, Latinos have become a prominent actor in all aspects of American life, according to The State of the Hispanic Consumer: The Hispanic Market Imperative, released by Nielsen. Latinos are a fundamental component to future business success, with a projected buying power of $1 trillion in 2010 expected to grow 50 percent to $1.5 trillion in 2015.
Key highlights include:
- Rapid Latino population growth will persist; the median age of the Latino population is 28 years old, nearly ten years younger than the total market median age of 37.
- Hispanics are the largest immigrant group to exhibit significant culture sustainability, and nine out of ten Hispanic parents and parents-to-be want their children to be able to speak Spanish, and also want them to become fluent in English.
- Technology and media use do not mirror the general market but have distinct patterns due to language, culture, and ownership dynamics. For example, Hispanics spend 68 percent more time watching video on the Internet and 20 percent more time watching video on their mobile phones than non-Hispanic Whites.
- Latinos exhibit distinct product consumption patterns and are not buying in ways that are the same as the total market. Hispanics make fewer shopping trips per household than non-Hispanics, for instance, and spend more per trip.