2020 will be the year of the Hispanic…….
As we get ready to celebrate a Hispanic star-studded Halftime Show at Super Bowl LIV featuring Puerto Rican Jennifer Lopez, Shakira from Colombia and Los Tigres del Norte from Mexico, I thought it would be a good time to celebrate what 2020 means for Hispanic marketing.
2020 will be the year of the Hispanic consumer
Hispanic consumers in the U.S. control a total of $1.5 trillion in buying power, up 212% this decade, according to the Selig Center for Economic Growth at the University of Georgia. If you are a marketer looking to grow your brand, repeat after me – $1.5 trillion – 212% growth – $1.5 trillion – 212% growth. These figures alone should lead you to take a hard look at the Hispanic market to drive growth today. Right now, Hispanics account for one out of every six Americans and their aggregate buying power is larger than the GDP of Australia.
Need more data? These facts curated by CNBC’s, Latinos may be the key to future US economic growth, should do the trick.
- GDP among U.S. Latinos increased to $2.3 trillion in 2017, up from $1.7 trillion in 2010.
- If the U.S. Latino population were a country, GDP growth rate of the Latino market would be the third-highest growth rate among all global economies.
- Relative to the overall U.S. market, Latinos have a high labor-force participation, faster population growth and increasing consumer spending.
- Between 2010 and 2017, product and services consumption among U.S. Latinos increased by 42% – that’s 72% faster vs. non-U.S. Latinos.
When it comes to Hispanic consumption, AlphaWise data in a report from Morgan Stanley, “How the Gen Y+Z Boom Rolls Through the US Economy”, suggest that outsized growth in the Hispanic population will be supportive of above-average spending (consumption) growth on cell phones, food at home, apparel, and housing.
If all of that data does not compel you to seriously consider the Hispanic market for growth, take it from Captura Group and our clients. We are seeing, first-hand, sustained growth and success from brands who are partnering with us to tap into the Hispanic opportunity.
2020 will be the year of the Hispanic voter
In 2020 not only will we have a presidential election, but also the Census, both of which will highlight the significance of the Hispanic voter. Here are some supporting data from The Hill:
- 2020 will mark the first time that Hispanics will be the largest racial or ethnic minority group in the electorate, accounting for just over 13 percent of eligible voters — slightly more than African-Americans.
- The Pew Research Center said that there are a record 32 million Latinos eligible to vote in 2020. That is an increase from 27.3 million in 2016.
- 2020 presidential candidates must speak to Latino aspirations, hopes and dreams, not just their fears. Latinos believe this country, their country, is better with them in it.
Not only will Hispanics play a key role in determining the 2020 presidential election, they will also be a significant story of the 2020 Census. Now that the supreme court has ruled against including a citizenship question on this year’s Census, the 2020 count is positioned to most accurately represent the entirety of the U.S. Hispanic population.
What we expect is that the 2020 Census will find that the U.S. Hispanic population will eclipse 62 million individuals or 19% of the U.S. total population.
2020 will be the year of the Hispanic Fiesta
This year’s Super Bowl will be a huge ‘Hispanic Fiesta’, but courageous and smart marketers will have even more to celebrate in 2020.
Marketers who invest in the Hispanic opportunity for the long run, secure upper management buy-in, partner with multicultural marketing experts and leverage cultural intelligence to develop and execute a strategy to connect and reach U.S. Hispanic consumers will be rewarded with growth. Now that’s something to truly celebrate.