Latino Buying Power is on the Rise; This is What Brands Should be Aware of

The Hispanic Marketing Council (HMC) has released its highly anticipated 2023 Hispanic Market Guide featuring top trends, business-building insights, up-to-date market data. Latinos are driving a cultural and demographic transformation in the U.S. heading towards a multicultural majority. With $2.8 trillion in Hispanic buying power, marketers would be smart to pay attention to what we have to offer.

Here are some of the highlights:

• From 2010-2020, the U.S. Latino GDP was the third-fastest growing among the 10 largest GDPs.
• An average 2.5 bingeability score of top streamed content originating in Spanish.
• When it comes to intersectionality, brands must deepen their understanding of what it means to be Latino.

Latinos come from different cultures and races and should not be treated as a monolith. Here are the Multifaceted Latinidades that the report identifies:

• White Latinos
• Afro-Latinos
• Asian-Latinos
• Indigenous Latinos
• LGBTQ Latino
• Latinos with disabilities

Top 10 Countries of Origin:

The bottom line is that Latinos/Hispanics are the fastest growing minority and no longer seek to the assimilate in the mainstream culture as our parents’ generations did. Keeping our uniqueness and cultural traditions is an important swift of this new generation of Latinos and should be reflected in the content and products targeted to them.

For more information please revisit the entire guide!