Author: Annette Malave, SVP/Insights, RAB
According to the latest data from Pew Research, the U.S. Hispanic population grew 23% – from 50.5 million in 2010 to 62.1 million last year. Hispanics are the largest minority and have a buying power of $1.9 trillion, according to the Selig Center for Economic Growth.
Hispanic Heritage Month celebrates the Hispanic community’s history, heritage and contributions. Originally commemorated for one week, it was expanded to a 30-day celebration in 1988 and celebrated from September 15 – October 15.
Hispanics feel a sense of pride, or “orgullo,” about their heritage, and 73% enjoy sharing that heritage with other Hispanics/Latinos. When it comes to language, although 59% believe that speaking Spanish at home is a priority, 66% of Hispanic adults agree that companies that advertise in Spanish respect their culture, based on MRI-Simmons data.
It is important to understand that when targeting Hispanics/Latinos/Latinx, they are as diverse within their own communities as the traditional meals they make, the music they listen to and the languages they speak. While it is safe to assume that Hispanics over-index with Spanish language radio-formatted stations, they also over-index to Rhythmic and CHR formats, for example. Regardless of format, broadcast radio is a dominant medium to reach Hispanic adults. Eighty-four percent of Hispanic adults 18+ listen to radio weekly, per RADAR 149.
With Hispanics yielding such powerful buying power, understanding Hispanic radio listener views and perspectives on various consumer categories can not only help achieve brand consideration, but can also gain brand loyalty. Trust matters – 67% of Hispanic radio listeners agree that if a product is made by a company they trust, they will purchase it even if it costs more.
Hispanic radio listeners believe that their ideal car should be both “green and trendy” (32%) versus “luxury and style” (18%). Hispanic radio listeners are also discerning shoppers for products in general – 65% make purchases based on quality and not price. They are also not impulsive shoppers – only 37% agree that they are.
While traditions are important, there are opportunities for brands to gain the trust of radio-listening Latinos. Only 48% buy the brands with which they grew up or that their parents used. Some of those brand choices are influenced by a spouse or children (47%), according to MRI-Simmons data.
When it comes to the in-person shopping experience, retailers should understand that the role of the actual customer experience is important. Fifty-one percent believe that shopping is a great way to relax, and salespeople should be knowledgeable about the products they sell (78%). Retailers delivering great service in a pleasant environment can help to develop a brand-loyal relationship with the Hispanic shopper, because 76% of Latinx believe that when they find a brand they like, they stick with it.
Latinos have contributed to this country’s history and have influenced everything – fashion, food, music sports and more. With an incredible buying power, their contributions to the overall economic health of this country should also be recognized by advertisers – not just for a day or for a month but every day.