Diversity in marketing research recruitment is critically important for brands. And, according to the U.S. Census Bureau, the U.S. Hispanic population is predicted to almost double in size by 2060.
Although insights into what products and services resonate with this segment can more accurately inform product development and marketing strategies, it is also important to recognize the diversity of this segment.
Here are seven reasons why it’s important to understand and market to Hispanic consumers.
Hispanics’ purchasing power as of 2021 was $3.2 Trillion, as reported by UCLA. Their economic impact on various industries, including retail, health care, CPG and entertainment, is substantial.
Brands and organizations that overlook this demographic are missing out on a significant opportunity.
Hispanics are known for being loyal to products and services they like and trust. Coming from a collectivistic set of values, they tend to place a strong emphasis on family recommendations and peer reviews.
Thus, understanding the factors that influence their loyalty can be crucial for brand success.
The Hispanic population is one of the youngest and fastest-growing segments in the U.S. Therefore, understanding and catering to this growing market is crucial for brands looking to grow and remain competitive.
The Hispanic population is not a monolithic segment. For example, even though Hispanics have Spanish as a common language, it has approximately 10 dialects. The Hispanic culture is based on a wide range of microcultures and rich traditions, different types of food, music and dances.
Successful brands with effective market research recognize this diversity and tailor their products, services and marketing strategies accordingly.
Many Hispanic consumers are bilingual or multilingual. This could present unique opportunities and challenges for brands and organ...