Hispanic market report 2021 From Clarity

The following is the Hispanic market report 2021 From Clarity recommended by recordtrend.com. And this article belongs to the classification: research report, network marketing.

The recently released 2020 U.S. census data confirmed the importance of multicultural consumers to marketers. Since 2010, the non Hispanic white population has actually decreased, while the population of multicultural groups has increased significantly. As the facts and figures in this report show, Hispanics account for the majority of the growth.

Before the new crown pandemic, Hispanics had been a key driver of U.S. economic growth. According to last year’s Hispanic market report, Hispanics account for 19% of the U.S. population and nearly a quarter of the youngest generation (millennial and z-generation consumers). So far, Hispanics are one of the fastest growing groups in the United States, accounting for 57% of the growth in the past two decades, with an increase of more than 28 million people during this period.

In 2021, there were more than 63.6 million Hispanics. This growth trend will continue in the foreseeable future. As a percentage of the U.S. population, Hispanics will account for 21% of the U.S. population in the next five years. By then, 27.2% of the U.S. population under the age of 30 will be Hispanics. Equally important is the purchasing power of Hispanic consumers. It will be $1.9 trillion in 2020 and more than $2 trillion in 2021. Hispanic households will contribute disproportionately to the growth of consumer spending over the next five years, especially in categories that exceed the index.

With such amazing growth, this reality will pay more attention to understanding the behavior patterns of Hispanic consumers, and will require marketers in all industries to adopt new strategies and flexible methods to attract Hispanic customers online and offline. In order to occupy a place in this growing market segment, marketers must understand how, when and where to attract Hispanic consumers in language and culture.

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