Over the next five years, US Hispanic communities will spend $257 billion on telecommunications services, accounting for 17 percent of all residential telecom expenditures, according to a new market research study from The Insight Research Corporation.
Early analysis of Census 2010 data suggests that Hispanics will surpass the 50 million mark and that they will command over $1 trillion in buying power. Hispanics are the youngest race/ethnicity segment and, more importantly, have the largest percentage of people under the age of 18, a market demographic that the study says will be crucial to the survival of telecommunications providers over the next five years.
Insight Research's market analysis study, "US Hispanic Use of Telecommunications Services 2010-2015", emphasizes that the US Latino market tends to over-index in mobile content and also notes that US Hispanics are accessing the Internet through more and varied devices than non-Hispanics.
"If the future of mobile carriers depends on their getting consumers to buy their data plans, then the US Hispanic community is right in the sweet spot, and will be receiving increasing attention from both wireline and wireless carriers' marketing departments," says Robert Rosenberg, Insight Research. "Our study demonstrates that Hispanics are one of the most social groups online, and given the youth-orientated demographic of the US Hispanic community, they become a prime target for the newer 3G and 4G cellular services," Rosenberg concluded.
"US Hispanic Use of Telecommunications Services 2010-2015" examines spending and usage patterns of US Hispanics for wireline, cellular, and pre-paid cellular services, and compares these spending patterns to those of the general population as well as other minority segments, including Asian-Americans and African-Americans.