-
The Hispanic population in the United States is the fastest-growing minority group in the country, with an estimated 62.3 million people in 2023. This accounts for 19 percent of the total U.S. population, and it’s projected to increase to 29 percent by 2060.
The purchasing power of Hispanic audiences in the United States is also rapidly growing. According to the 2022 Selig Center for Economic Growth at the Terry College of Business, The University of Georgia, in 2023, the purchasing power of Hispanics in the United States is estimated at $2.1 trillion, representing a 69 percent increase since 2010.
This demographic and economic growth is granting Hispanic audiences increasing influence in the United States. This influence manifests in several ways, including:
Market Impact: Hispanic audiences constitute a significant market for businesses of all sizes. Companies looking to reach this audience must develop specific marketing and advertising strategies for Hispanics.
Cultural Influence: Hispanic culture is having a growing impact on American culture, as evidenced in music, food, television, and cinema.
Political Power: Hispanic audiences are increasingly involved in politics, reflected in the rising number of Hispanics holding public office.
Here are some specific examples of the power of Hispanic audiences in the United States, according to the latest Nielsen study, “Hispanic Audiences in Focus: Trust in media- the key factor driving shift to streaming”:
- Hispanics in the U.S. spend an average of 9 hours per day connected to some form of media. It’s not surprising that the medium that captures most of their attention is connected TV (CTV) streaming. According to Nielsen, the Hispanic population in the U.S. spent 30 billion minutes connected in Q1 2023.
- 74 percent of Hispanics in the U.S. use one or more streaming services weekly. The apps they use the most are YouTube (16.3 percent) and Netflix (13.1 percent).
- The percentage of Hispanic households accessing television content via broadband connection increased by 20 percent in the past year.
As we move forward, it’s evident that the Hispanic audience in the United States wields substantial influence, both in the marketplace and in shaping the broader cultural and political landscape. This influence is set to continue growing, making it an essential demographic for businesses and policymakers to understand and engage with.
If you wish to learn more about the study, you can find it here: Study Link.
