The U.S. Hispanic Consumer Market Outlook
SAN DIEGO, Jan. 31, 2019 /PRNewswire/ -- The astounding growth of the U.S. Hispanic market continues to deliver growth opportunities to brands, with a significant increase (67% growth between 2012 and 2017¹) in Hispanic households earning $100K+ annual income. However, more important than the amount of growth in population size and buying power is to understand how the Hispanic market will evolve over time, and how that impacts brand relationships and media consumption. It is imperative for marketers to stay one step ahead of this evolution to ensure that their U.S. Hispanic strategy not only reflects today's Hispanic consumer, but also plans for the future.
To help marketers, Culturati published a 2015 longitudinal study incorporating our groundbreaking Hispanic segmentation model that presented the why's behind the shifts that are shaping this market and will continue to form this population in the years to come. A critical element of the analysis was a forecast of Hispanic segment growth based on cultural identity shifts as well as Census demographic projections. However, with the considerable changes in the socio-political environment, Culturati released a 2019 updated forecast to capture the cultural impact of these changes.
Through forward and retro acculturation, Hispanic population growth, and increasing rate of U.S. Hispanic births, Culturati projects that in the next decade influential Hispanic bicultural Savvy Blenders will grow to 16.6 million or 39% of the adult Hispanic population by 2035, with buying power increasing to $819 Billion in 2023². This highlights the importance of understanding Hispanic cultural mindsets and value systems, its evolution, and future implications as Hispanics continue to assert their Hispanic-American identity. The Latinista (Culturally Hispanic) segment will remain important to marketers although growth will slow considerably. And, Heritage Keepers (Bicultural) and Ameri-Fans (Culturally American) will increase modestly.
The report "U.S. HISPANICS: AN UNSTOPPABLE EVOLUTION"©2019 is now available. View a 3-minute video of the Culturati segments here: https://www.youtube.com/watch?v=dMd8bHGLS-o
ABOUT CULTURATI
Culturati is a full-service market research & consulting firm with Total Market and Hispanic expertise. As a leader in the polycultural space, Culturati is redefining how Hispanics are segmented and uncovering greater opportunities for marketers to connect with this consumer. Founded in 2004, Culturati has helped many Fortune 100 companies uncover insights with cultural sensitivity that inspires meaningful connections between people and brands. Visit: www.CulturatiResearch.com or contact Marissa Romero-Martin [email protected]
SOURCE Culturati
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