Hispanic U.S. Market Estimated To Grow To 7.4M By 2030

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Hispanic U.S. Market Estimated To Grow To 7.4M By 2030

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Seventy-nine percent of Hispanic adults report watching less than one hour of live TV per day. In my daughter and Hispanic son-in-law’s home during football season that number rises. Most of that watching is done on a mobile devices, while the kids are watching some movie or educational show on the television screen.

There is an overall trend, however, toward the use of mobile service providers as the primary Internet provider in Hispanic homes where bundling mobile, internet & TV services is becoming more popular. Some 58% do so, compared with 55% of non-Hispanics.

Some 57% of Hispanic consumers include mobile phone services in their bundles, compared with 30% for non-Hispanics. Hispanic consumers tend to use their mobile phones or Apple iPad as their primary source of Internet.

Claritas’ annual 2024 Hispanic Market Report estimates the Hispanic population grew by nearly 6.4 million since 2020, while the non-Hispanic White population decreased by nearly 4.4 million in the past 5 years. The company’s 2030 projection estimates an increase of 7.4 million Hispanics.

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There are more than 150 million multicultural residents in the U.S. -- and that is projected to reach more than 163 million by 2030.

Multicultural families today account for 45% of the U.S. population and by 2030, almost 47% of the U.S. population will be multicultural.

Mobile services provide the greatest opportunity for advertisers -- through in-app video ads and short-form content -- with 30.4% using mobile phones or iPads to stream content.

The data shows notable differences in how Hispanic and non-Hispanic populations consume video content. Hispanics demonstrate a stronger preference for content downloaded or streamed through over-the-top (OTT) service providers, with 29% of Hispanics watching 3-5 hours per week compared with 22% for non-Hispanics.

Live TV programming is more popular among Hispanics for between 1 and 2 hours, where 40% of Hispanics engage compared with 24% for non-Hispanics.

About 61% of Hispanics watch Live TV for between a and 5 hours, which is significantly higher than the 42% of non-Hispanics who do the same -- and  21% of Hispanics watch Live TV for 6 or more hours, compared with 40% of non-Hispanics.

The study also estimates 31.7% of Hispanics spend between 1 and 2 hours on streaming platforms like YouTube, and 27.7% spend between 3 and 5 hours, giving marketers a strong opportunity to engage users through video ads and sponsored content.

Web browsing shows dominance in terms of time spent online. Some 29.6% of Hispanics dedicate 3-5 hours to web browsing, Google’s paid search and display ads provide an excellent opportunity to capture interest.

Advertisers can focus on search engine marketing (SEM) and display ad retargeting to reach Hispanic consumers across their browsing journeys. By leveraging these kinds of digital advertising, brands can optimize their reach and engagement with a tech-savvy and mobile-first Hispanic audience.

Hispanic households show higher percentages with 16.7% perfer to use major banks like JP Morgan Chase, 16.3% to Bank of America, and 12.4% to Wells Fargo. It really depends on geography, per the report. About 51% of the U.S. Hispanic population reside in California, Texas, and Florida.

These banks have geographic footprints that align with the U.S. Hispanic population, but it’s not only about geography. These financial institutions cater to the Hispanic market. Their websites and Internet and mobile banking apps are available in Spanish.

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September 30, 2024 at 08:12AM