Claritas released a report that gives marketers new insight into the U.S. Hispanic consumer, which today makes up 19% of the U.S. population.  According to the report:

With over 62.8 million members, the U.S. Hispanic population is one of the country’s fastest-growing population segments, accounting for 56% of the U.S. population growth over the last two decades. As a comparison, non-Hispanic U.S. Asians accounted for 19% of the growth, non-Hispanic blacks accounted for 14% and non-Hispanic whites a mere 3%.

Fast growth in the Hispanic market is expected to continue. In fact, Hispanics are projected to drive 62% of the total U.S. population growth through 2025. This makes them an important population segment – one with spending power that marketers cannot afford to ignore.

In fact, annual aggregate Hispanic household spending is projected to reach $978 billion in 2020, making Hispanics the single largest and highest-spending minority group in the United States. On the income side, the aggregate annual household income of the U.S. Hispanic market now tops $1.28 trillion.

The U.S. Hispanic market remains highly challenging for marketers because of its linguistic and cultural complexity, which includes immigrants from Mexico, Cuba, Puerto Rico and many other Spanish-speaking countries. Companies that wish to appeal to members of this highly diverse group of consumers must be aware of differences in dialects, cultures behaviors, interests and values in order to successfully create targeted marketing campaigns.

The report also covers some key behavior trends that apply across different U.S. Hispanic groups, including:

• Hispanics are 41% more likely than other groups to connect with brands through social media, and their preferred social media channels include Facebook, Instagram and Snapchat.
• Hispanics are also 25% more likely than other consumers to use social media to review a product or service, and Hispanic millennials are 46% more likely.
• Hispanics spend more time than other segments on sites such as Craigslist, eBay, Coupons.com, Groupon and RetailMeNot, suggesting that Hispanic consumers prefer to seek out exclusive offers via bargain sites.
• Hispanics are 34% more likely than average to watch live TV on their mobile phone, 18% more likely to stream digital video via Amazon Prime, and 14% more likely to stream via Netflix.
• Hispanic millennials are 41% more likely than the average millennial to buy pet supplies online and 44% more likely to buy flowers online.

Click here to download a copy of The 2020 Hispanic Market Report.