Understanding U.S. Hispanics means taking a leap into an underserved market that is expected to drive growth and economic recovery in the United States for the next few years.
That’s why international communications consulting firm LLYC, with the help of Expedition Strategies, took on the challenge of creating the “U.S. Hispanics: A first look at the most diverse minority with the highest spending power” report, an in-depth study to help businesses understand every detail about these consumers. This will allow the firm to offer clients and partners unprecedented insights into this minority group, which they can then leverage to keep moving the needle in their industries.
Today, there are over 62.1 million Hispanics living in the United States. This group also has the potential to become the most important buying force in the country, meaning they represent a big opportunity. This is especially true given the need to revive the economy in the post-pandemic world. This is why LLYC and Expedition Strategies sought to understand their consumer behavior and to determine how to best meet their needs.
The study was carried out using LLYC’s Big Data Analytics Suite (DAS), market research, and Expedition’s survey of Hispanic consumers living in the United States. Online, the study analyzed more than 20.17 million public conversations between April 1 and November 20, 2021, focusing on six of the cities with the largest Hispanic populations in the country: Chicago, Houston, Los Angeles, Miami, New York, and Phoenix.
The report is based on this data analysis, which allowed it to break down not only the behaviors, motivations, and purchasing preferences of U.S. Hispanic consumers, but also their organic and unbiased conversations around different topics. This revealed some key ideas regarding how companies should approach this community, including the four below:
– This population has significant purchasing power, which gives it a clear impact on the country’s society and industry, making it an engine for the U.S. economy.
– Supporting the community is not enough. For some companies, community support during Hispanic Heritage Month is their annual U.S. Hispanic-focused activity, but it should be an integral part of ongoing marketing efforts.
– U.S. Hispanics like to see themselves reflected in the things they care about and the products they buy. Companies that listen to them, grow with them, and keep them engaged will find loyal customers in this community.
– Understanding their culture is key to a successful communications strategy. This will allow companies to genuinely connect with this market segment.
This is just a sample of the many insights revealed by the report.
For Alejandro Romero, Partner and CEO Americas at LLYC, true success is not just about sales. “To positively impact our consumers, we need to build better experiences, forge relationships and grow with them,” he explained. “That’s why companies must learn to understand the U.S. Hispanic culture, speak their language, and stay one step ahead of their needs if they want to be relevant players in their lives.”
About the study
Name: “U.S. Hispanics: A first look at the most diverse minority with the highest spending power“.
Objective: To understand the consumer habits of U.S. Hispanics in order to develop insights and predict patterns that will allow us to better communicate with this diverse community.
Summary: Based on the analysis of data collected by DAS and quantitative surveys, we were able to develop insights on the consumption habits of U.S. Hispanics and give visibility to companies that have developed specific campaigns for this target audience.
Who participated
Expedition Strategies
Its founder Peter Brodnitz, a prominent U.S. pollster, made it its mission to help leaders around the world create campaign strategies that are tailored to target audiences by providing strategic, accurate and targeted advice based on rigorous survey data.
