The two companies partnered to reveal information about the U.S. Hispanic community, a growing minority with significant purchasing power

MIAMI–(BUSINESS WIRE)–#Brands–To better understand the underserved U.S. Hispanic market, international communications consulting firm LLYC and Expedition Strategies took on the challenge of creating the “U.S. Hispanics: a first look at the most diverse minority with the highest spending power” report. This in-depth study will help businesses deeply understand what drives the country’s 62.1 million+ U.S. Hispanic consumers, who are expected to foster growth and economic recovery in the United States for the next few years.

Businesses should be particularly interested in this group given its potential to become the most important buying force in the country. This is especially true given the need to revive the economy in the post-pandemic world.

The report breaks down not only the behaviors, motivations, and purchasing preferences of this community, but also their organic and unbiased conversations around different topics. This has revealed some key ideas regarding how companies should approach this population, such as the four below:

  1. U.S. Hispanics have significant purchasing power. This gives them a clear impact on the country’s society and industry, making them an engine for the U.S. economy.
  2. Supporting the community annually is not enough. For some companies, community support during Hispanic Heritage Month is their U.S. Hispanic-focused activity for the year, but it should be an integral part of ongoing marketing efforts.
  3. U.S. Hispanics like to see themselves reflected in the things they care about and products they buy. Companies that listen to them, grow with them, and keep them engaged will find loyal customers in this community.
  4. Understanding their culture is key to a successful communications strategy. This will allow companies to genuinely connect with this largely untapped market segment.

For Alejandro Romero, Partner and CEO Americas at LLYC, true success is not just about sales. “To positively impact our consumers, we need to build better experiences, forge relationships and grow with them,” he explained. “That’s why companies must learn to understand the U.S. Hispanic culture, speak their language, and stay one step ahead of their needs if they want to be relevant players in their lives.”

The study was carried out using LLYC’s Big Data Analytics Suite (DAS), market research, and Expedition’s survey of Hispanic consumers living in the United States. The study analyzed more than 20.17 million public conversations between April 1 and November 20, 2021, focusing on six of the cities with the largest Hispanic populations in the country: Chicago, Houston, Los Angeles, Miami, New York, and Phoenix.

Contacts

Mercedes de la Guardia

mdelaguardia@llorenteycuenca.com

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