Understanding the behavior of the Hispanic Market for your 2024 marketing strategy
Population growth
The Hispanic population has doubled in size since 2000 and now represents 20% of the US population, according to Claritas’ recent report, the 2023 Hispanic Market report and they will continue to grow to 22% in the next five years.
Here are some significant facts and figures to help you broaden your understanding of this important segment of the market that your brand needs to take into consideration if you want to expand your reach.
- Hispanics represent 22.6% and 25.65% of GenZ and Millenials respectively, the second largest ethnic group in these two generations.
- California, Texas, Florida, New York, Illinois and Arizona are the top markets with the highest Hispanic concentration, other DMAs such as Orlando and Washington DC have also reported remarkable growth rates of up to 80%.
The current economic conditions show a promising improvement for Hispanics as we move toward 2024:
- 18% of Hispanics HH had incomes below $25K and this will decrease to 17.5% by 2024.
- The 100K - 200K bracket will increase from 21.7% to 22.8%.
- The highest income bracket of +$200K will grow from 6.6%.
Lifestyle behaviors
- 56.85% of Hispanics HH are embracing Live TV/Streaming services.
- In the past three months, more than 74% of Hispanics stream entertainment TV shows/movies on their smartphones vs 44% of non-Hispanics.
- Hispanics' top five streaming services providers:
- Netflix
- Amazon Prime
- Disney+
- HBO Max
- Hulu
- Top ten activities involving devices in a typical week:
- General web browsing
- Sending/checking emails
- Shopping
- Streaming content online
- Maps/navigation
- Social media
- Online video games
- Ordering food delivery via apps
- Video calls/conferencing
- Downloading online content
- Hispanic households continue to be underbanked compared to non-Hispanics. This represents an opportunity for financial services providers to reach this market.
- Their top three channels for interacting with financial institutions:
- Online using a mobile device
- In-person
- At an ATM
- Regarding auto preferences, automobile parts (new or used) and car tires are the most bought items by Hispanics online.
- CARFAX, Kelley Blue Book and CarMax.com are the three most popular online services used to buy or rent a car.
- The most common types of new vehicle that Hispanic households plan to buy in the next 12 months:
- Sport Utility Vehicle
- Pick up truck
- Luxury vehicle
- Walmart is where Hispanics shop the most, followed closely by Target and Family Dollar.
Paying attention to these trends will make your brand more relevant to an important and ever more economically powerful segment of the US population. Don’t miss out on this opportunity and reach out to an experienced digital Hispanic marketing agency like Entravision Digital.
Get in touch
It’s vital to remember managing your Digital Out of Home advertising campaigns is much easier when you have an in-house marketing team or can collaborate with a full-service digital agency to support your goals.
At Entravision, we have an experienced team of dedicated specialists working on Digital Out of Home advertising. Our aim with every DOOH campaign is to consider each product and service our clients offer on a case-by-case basis. Our team of specialists work with different tools and platforms to monitor and manage their work, to ensure our results meet the client’s set goals.
If you would like to learn more about our operations and services, feel free to reach out and contact us!
