Cultural Currency and the Consumer Journey
In the U.S. today, Latinx consumers are melding the physical and digital worlds to create personalized, culturally relevant shopping experiences on their own terms. These consumers’ paths-to-purchase, or consumer journeys, are social and circular. Purchase decisions can be frequently traced to the recommendation of a friend, family member or consumer review website. And, because Latinx consumers are so digitally connected—97% of Latinx households own a smartphone, and Latinx consumers spend over 27 weekly hours using apps and the web on smartphones—the consumer journey plays out in real-time. Brands that are not attuned to Latinx values and habits stand to miss out on this powerful market, which is reshaping the U.S. mainstream.
Just how big is the Latinx opportunity for brands? U.S. Hispanic consumers wield $1.5 trillion in annual buying power, which is higher than the gross domestic product of countries like Australia, Mexico and Spain. This economic power is only projected to increase. Between 2018 and 2058, according to the U.S. Census Bureau, the Hispanic population is projected to grow by 82%, compared to only 9% for the non-Hispanic population. Brand marketers that get Latinx outreach right now stand to benefit for decades to come.
