What Law Firms Need To Know about Hispanic consumers

Submitted by Wildfire on Tue, 04/14/2020 - 12:43pm

The U.S. Hispanic population is the fastest-growing segment in the country, with total spending power in the trillions, yet brands continue to vastly underserve this market, to their own detriment.

Brands spent a total of $9.4 billion to target Hispanics in 2018. That’s a drop in the bucket compared to total U.S. advertising spend, which was $223.48 billion in 2018, according to eMarketer. That means only 4.2% of ad spend went toward Hispanic consumers, with no significant change in Hispanic ad spending over the last three years.

Hispanics account for one-fourth of the U.S. population below age 25. Median age for Hispanics is 29.5, compared to 40.6 for non-Hispanics.

A combined 62 percent of Hispanic adults prefer to watch TV only in English (36 percent) or mostly in English but some in Spanish (26 percent), according to MRI-Simmons.

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