In La oportunidad Latinx, measurement and analytics company Nielsen pulls together data from across its product range to show how important it is becoming to ensure brand alignment with Hispanic consumers’ values.
The median age of this group is just 28 so they are approaching their peak earning years; the buying power of the Latinx population in the US will amount to $1.9 trillion within the next five years and their numbers are projected to nearly double to 109 million in the next 40 years.
The report notes the social nature of the Latinx community and their love of technology and specific media channels and suggests these factors can provide marketers with a fast track to making their product “go viral’ – if they seek insights and develop solid Latinx strategies.
So, for example, 57% of Hispanics enjoy wandering throughout a store looking for new and interesting products, which is 10% higher than the general population. And almost half (48%) find shopping to be a great way to relax, which is 15% higher than the general population.
Validating the social connection Latinx consumers have with shopping, the second most stated reason for visiting a social networking website by Latinx consumers is to receive exclusive offers, coupons, or other discounts (over-indexing by 22%).
With the number of brick-and-mortar locations dwindling in many cities, connecting with Latinx consumers as a source of growth in the categories they are passionate about can be vital for the survival of brick-and-mortar retailers, the report says.
And it submits that the creation of an authentic in-store experience could be a competitive advantage for brick-and-mortar retailers in the race against online purveyors. Merging the physical and digital worlds, Latinx consumers are front-runners in digital coupon use, with text being reported as their number one way to receive coupons.
“The Latinx path to purchase is social and circular, meaning recommendations of friends, family, and virtual networks play a pre-eminent role in product/service discovery, awareness and decision making,” said Stacie de Armas, VP, Strategic Initiatives & Consumer Engagement, Nielsen.
“The Latinx affinity for technology and specific media platforms can provide marketers with a look at what’s next through authentic engagement and outreach strategies,” she added.
Sourced from Nielsen; additional content by WARC staff