NEW YORK — Hispanic consumers in the United States are considered a "fundamental component to future business success," according to a new Nielsen report.
In its new report, "The State of the Hispanic Consumer: The Hispanic Market Imperative," the research firm said the U.S. Hispanic population continues to grow, and as the demographic had a projected buying power of $1 trillion in 2010, it is expected to augment to $1.5 trillion in 2015, a 50% increase.
Additional findings in the report included:
The median age of Hispanics is 28 years old, nearly ten years younger than the total market median age of 37 years old;
Technology and media heavily influence this demographic: Hispanics spend 68% more time watching video on the Internet and 20% more time watching video on their mobile phones than non-Hispanic whites, Nielsen said; and
Hispanics exhibit product consumption patterns: Hispanics make fewer shopping trips per household than non-Hispanics; however, they spend more per trip.
"The Hispanic community in the United States is large and growing, and businesses must make strides to understand and engage these consumers," Nielsen vice chair Susan Whiting said. "Due to the general youth of this segment, family focus, strong culture and prevalent Spanish-language use, Hispanic consumers are impacting all areas of work and play and helping to redefine American culture in the 21st century."
For more information of the "The State of the Hispanic Consumer: The Hispanic Market Imperative," click here.