The Center for Media Research has released another great study piece about "Hispanic Consumers More Positive, Receptive To Marketing" which paints a optomistic picture about the growing population segment and how they react to your client's marketing message...
"While the overall consumer mindset is increasingly negative, Hispanics are more optimistic in the period following the "meltdown," versus prior to September 29th, 2008:
- 29% of Hispanics are more positive about the U.S. economy in the coming 12 months vs. 21% of non-Hispanics
- Hispanics average consumer confidence rating is 11% higher than non-Hispanics, and has remained constant since 2005, while non-Hispanics confidence rating has declined
Study results show contributing factors to why Hispanics are less affected by today's economic climate:
- Only 45% of Hispanics have/use credit cards vs. 71% of non-Hispanics
- Hispanics are 44% more likely to use cash to pay bills than non-Hispanics (Index 156 to 91)
- Hispanics are almost 2x as likely to rent their home as non-Hispanics (44% vs 23%), and are less likely to be impacted by the high percent of mortgage foreclosures
The findings highlight Hispanics as a key target consumer for advertisers, says the report:
- Hispanics are consistently more frequent shoppers than non-Hispanics (34% vs 29%)
- Twice as many Hispanics are willing to pay for branded prescriptions as non-Hispanics (31% vs 15%)
- Hispanics are 38% more likely to buy from an advertiser than non-Hispanics (Index 131 to 95)"
How do we know how receptive they are to our client's advertising message? ...
"Mediaweek says that advertising carries a lot of weight with Hispanics, who enjoy TV spots and remember touted products when shopping. Hispanics are 38 percent more likely to buy from an advertiser than non-Hispanics, seeing it as a source of information, not a nuisance. Univision notes that one casual dining space advertiser saw a sales lift of 23% by targeting Hispanics."
A 5-10% lift in our business is great, 23% calls for special attention and 38% more likely to buy from an advertiser, that's astounding news for your clients.