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THE POWER OF THE HISPANIC CONSUMER

MAY 2024

Today presents an untapped and growing opportunity to connect with the Hispanic consumer segment. 

BY THE NUMBERS

Hispanic consumers are a large, fast-growing group that represents nearly 1 in 5 people living in the United States.

At 64 million people and $2.1T in spending power, US Hispanic consumers are equivalent to the entire population and GDP of Italy. And their importance will only grow, as they will represent 52% of the US population growth through 2030.1

Infographic showing the US Hispanic Population is 64 million people, their current spending power is 2.1 trillion dollars, and their share of population growth through 2030 is 52%.

DIVERSITY WITHIN THE US

This diverse group—concentrated in California, Texas, and Florida—represents many countries across Latin America.

In California and New Mexico, Hispanic consumers are the top racial or ethnic demographic, making them a higher percentage of the state’s population than Non-Hispanic White consumers.2

Infographic showing the states with the largest hispanic populations, the largest of which being California with 15.6 million, Texas with 11.4 million, and Florida with 5.7 million.
Infographic showing the top five hispanic countries of origin in the US: Mexico, with 37 million, Puerto Rico, with 5.8 million, El Salvador, with 2.5 million, Cuba, with 2.4 million, and the Dominican Republic, with 2.4 million.

PILLARS OF CULTURE

In order to connect authentically, it is critical to understand the unique aspects of their culture that can serve as pillars for relationship-building. Hispanic consumers describe themselves as very hospitable and are more likely than other groups to also describe themselves as emotive and relational. The warmth and desire for connection within this culture both provide solid grounding for brands and business to form authentic relationships.

HISPANIC GEN Z

Gen Z has even higher Hispanic representation than the overall population, and they are reclaiming their culture.

25% of Gen Z is Hispanic.3

88% are born in the United States.4

44% feel more Hispanic on values, meals, and language choices vs a year ago.5

61% feels it’s important to protect their culture from outside influences (+10pts vs total Hispanic population)6

 

Infographic showing that 25% of Gen Z is hispanic, 88% are born in the United States, 44% feel more hispanic than last year, and 61% feel it’s important to protect their culture.

IN SUMMARY

Overall, Hispanic consumers are telling us that:

  • They seek out brands that acknowledge their culture’s unique traditions
  • Their cultural heritage has a large influence on their purchase decisions
  • Today’s advertising is not hitting the mark in portraying their ethnicity well

More authentically connecting with the Hispanic consumer provides tremendous opportunity and upside to unlock growth. And those who best understand this culture are best positioned to unlock it. ■

Sources: 1) U.S. Census Bureau, Population Division, CIA World Factbook, World Bank Data Bank 2) Pew Research Center, USCensus Bureau, World Population Review, LA Almanac, NYC.gov, NBCNews, HoustonTX.gov 3)  Aecf.org Data Center, Population by Cohort Generation and Race and Ethnicityin the US. 4) Pewresearch.org, Early Benchmarks Show Post-Millennials on Track to be Most Diverse BestEducated Generation Yet. 5)  Gwi.com, Marketing to Younger Hispanic Consumers. 6) Kantar U.S. MONITOR 2022 (Q2 DEIStudy)

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