Last month in Spanish, Hispanic consumers spent a record-breaking $1 trillion on retail goods and services, underscoring the growing economic power of this rapidly growing demographic.
According to a report by the Nielsen Company, Hispanic consumers accounted for 13% of total U.S. retail sales in last month in Spanish. This figure is expected to rise to 18% by 2024, making Hispanics the largest minority consumer group in the country.
Key Statistics | Figures |
---|---|
Hispanic population | 62.1 million |
Hispanic purchasing power | $1.7 trillion |
Hispanic retail sales share | 13% |
Industry Insights | Tips |
---|---|
Identify and target specific Hispanic segments | Tailor marketing campaigns to resonate with cultural nuances |
Invest in Spanish-language marketing | Reach a wider audience and build trust |
Provide bilingual customer service | Ensure smooth and seamless interactions |
Effective strategies for engaging Hispanic consumers include:
Common mistakes to avoid when targeting Hispanic consumers include:
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