The Hispanic consumer is beginning to spend less and focus on saving while they worry about high prices and job security. The “Chart of Week” examines how different generational Hispanic cohorts spend.
- 50% & 46%: Hispanic Boomers (50%) and Gen Xers (46%) say they are spending less than six months ago.
- 133: Hispanic Gen Xers are 33% more likely to have reduced their spending over the last 6 months when compared to the general US population.
- Hispanic Millennials (40%) and Gen Zs (39%) are spending about the same as the US population over the last six months.
What It Means
- Hispanics 43 years and older are the quickest to cut back spending compared to the general US population.
- The younger Hispanic cohorts still drive spending while being the slowest group to spend less.
- An older Hispanic cohort is bracing for rougher economic times than the younger Hispanic cohort.
- Focus on driving media accuracy by reviewing digital targeting settings and focus on optimizing your return on ad spend (ROAS)
- If you offer value-based products or solutions, position your product or brand to capture market share among Hispanic Millennials and Gen Z as they will begin to look for more economical brands.
- Hispanic Boomers and Gen Xers have begun to spend less, so identify if your brand or product is part of the spending category. If not, drive awareness through digital channels so your brand can be considered.
- The Hispanic consumer won’t stop spending. Our take is that they will instead become a more discerning spender. As such, you should position your brand in such a way that it communicates a clear value proposition to Hispanic customers and how your product addresses their value-sensitive purchasing approach.
Read the original article by Ramon Nieves on LinkedIn