Marketron

Category: Automotive

Hispanics – the Fastest Growing
Consumer Market

Author: Annette Malave, SVP/Insights, RAB

$1.5 trillion.  That is the buying power of the Hispanic consumer – the largest minority market in the U.S.  According to the Selig Center for Economic Growth, this group’s economic clout has grown 203% since 2000, which makes it one of the fastest growing consumer markets here in the U.S.  This group represents nearly 18% of the country’s population.

Advertising to ethnic audiences was once considered an afterthought.  However, as the buying power of Hispanic consumers continued to increase, its importance as a target audience for advertisers grew.

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Consumer Market”

Reaching the Auto Buyer

The automotive industry is anticipated to see a slight uptick at the end of 2017.  Although October was slightly down, end-of-year incentives should provide a boost to November and December.

However, it’s not just about incentives.  Auto buying intenders are well educated prior to entering any dealerships.  The question is how do you reach them?  And when you do reach them, you need to understand their auto buying and auto servicing preferences as well as their radio listening habits.

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There’s Something for Every Ear

“I’m a purple person.”  “I prefer basic black.”  “I like to wear bold colors.”  People have distinctive tastes and preferences when it comes to clothing or accessories.  These preferences are personal, similar to that of radio listening, and similarly, music choice.

A researcher at Heriot-Watt University in the U.K. studied over 36,000 participants’ ratings of 104 music styles and found a direct correlation to their personalities.  The study showed that heavy metal music fans are normally calm and comfortable around others, while classical music lovers are often shy and creative.  Hard-working and outgoing would be words to describe pop and country music listeners.   The relationship between radio and the listener has always been an emotional one but what they listen to is not just personal, it is an extension of who they are.

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Radio Rules the Road

“It’s Saturday night, about time to go.  Got my white leather jacket and a neon soul.  Once I turn on the radio I’m ready to roll.”  Those lyrics from Maren Morris’ “80s Mercedes” resonate with everyone.  Who doesn’t know that feeling of getting in the car, turning the radio on and listening to your favorite songs? Continue reading “Radio Rules the Road”

Scale. Storyteller. Relationships.

"Digital portable clock radio with red illuminated lcd display. Radio has a wooden body, metallic buttons and antenna. Isolated on white background."

These are the words that have been used to describe radio by some of the most widely recognized national brands and large advertising agencies.  During the 40th Annual Fall Broadcast Management Conference and the 16th Annual Power of Urban Radio Forum, speakers and panelists discussed radio’s strengths, future as well as what radio can do to help advertisers address their challenges.

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Auto Stays On Course with Radio

Colorful Cars Inventory. Dealership Cars in Stock 3D Illustration. Aerial View.

Radio plays an important role for the auto industry both in-dash and for sales.  According to the Infinite Dial 2016, of those adults 18+ who had driven/ridden in a car in the past month cited AM/FM radio as their most used in-car device – specifically 84% general market Adults 18+, 80% African-Americans 18+, 79% Hispanics 18+ and 77% of Adults 18-34.  When it comes to sales, radio is a steadfast component of auto sales.

For the past five years, radio’s share of U.S. auto dealers’ ad spend has remained consistently strong, while other traditional media have experienced extensive declines – especially when compared to spending in 2002.

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