Confidence in the Economy, Optimism About the Future & Life-Stage Events Drive Above-Average Consumption Among Latino Consumers
NEW YORK--(BUSINESS WIRE)-- Sparked by a combination of high confidence in the economy and significant life events, Hispanic consumers are not only making their mark with major purchases, but are also strongly engaged in online and mobile activity, according to the Interactive Advertising Bureau’s (IAB) “Digital Hispanic Consumer” report, based on data from BIGinsight™. The findings point to considerable opportunities for marketers to reach this valuable audience through digital advertising channels.
The IAB report measured the digital footprint of Latino consumers in the interactive marketplace, and showed heavier activity in e-commerce, social engagement and media consumption when compared to average users. The top five online activities for Hispanics include:
Of particular interest to brand marketers looking to reach a critical subset of the population, the IAB analysis shows that Hispanics in the U.S. view more digital and mobile videos. Latino consumers are more likely to:
The analysis shows that when Hispanic consumers go online, they are more likely than average users to do so via a mobile device, with more Hispanics owning an iPhone than the general population (27% vs. 20%), an Android (34% vs. 26%), or an iPad tablet (21% vs. 16%). Given this data, the report unsurprisingly finds Hispanic users to be less likely to own a desktop (40%) compared to general consumers (48%).
“Hispanic consumers are living their lives on-the-go and lean on their mobile devices accordingly,” said Pam Goodfellow, Consumer Insights Director, BIGinsight. “Brand leaders would be well-served to recognize the economic power of the Hispanic community and harness their appetite for goods, services and online content - especially via mobile devices.”
“It comes as no surprise that Hispanics, like a good deal of the rest of the American population, are tethered to their mobile devices, which are changing their lives and media consumption patterns,” said Anna Bager, Vice President and General Manager, Mobile Marketing Center of Excellence, IAB.
Just as important, the report reveals that more than half of all surveyed Hispanic consumers (54%) are currently confident about the U.S. economy, compared with 34 percent among the general population. When asked to explain their elevated level of economic confidence, respondents said that the number one reason was a strong trust in the stability of the national economy, followed by trust that their family will have a better future.
These degrees of confidence and trust in the economy among Hispanic consumers run parallel to significant “life events” that are expected among the adult (18+ years) Latino population in the U.S., including:
The convergence of faith in the economy and the expectation of major life changes are in turn underpinning a notable purchasing trend among Hispanic consumers, the IAB analysis shows. In the next six months, Hispanic respondents in the report are more likely to purchase the following, compared to the general population:
“As the general election approaches, we’ve often heard about the growing importance and influence of the Hispanic vote,” said Sherrill Mane, Senior Vice President, Research, Analytics and Measurement, IAB. “This report tells an underappreciated story – that Hispanic consumers are already having a potent economic impact in the American marketplace and that they are already in the vanguard of digital media and device usage.
Also vital for brand marketers, language plays a role in the media that Latinos consume. The findings show that the Hispanic respondents in the survey were bilingual English-dominant, with 75 percent speaking English more than half of the time at home. However, more than half (54%) of those surveyed said that they consistently engage with Spanish-language media.
“Digital Hispanic Consumer” includes intelligence from the Media Behaviors & Influence™ Study which polls some 25,000 respondents twice a year, The report is the second in an ongoing series of consumer research studies that IAB is producing in conjunction with BIGinsight; the most recent was “Consumer Travel & The Media.”
To read the full report, go to www.iab.net/HispanicConsumers.
IAB used data from BIGinsight to look at consumer behaviors among a representative group of about 4325 Hispanic consumers and compared those to a sample of 24,864 representing the general US population. The survey was conducted online (4/24 - 6/11/12) and has a margin of error of less than 1%, at a 99% confidence level.
BIGinsight delivers customized timely market intelligence from various sources through its cloud-based technology-driven Integrated Solutions Platform. Solutions are delivered on multiple devices (PC/Tablet/Smartphone) though the InsightCenter™ tool using diverse information sources relevant to clients’ business needs. www.BIGinsight.com.
About the IAB
The Interactive Advertising Bureau (IAB) is comprised of more than 500 leading media and technology companies that are responsible for selling 86% of online advertising in the United States. On behalf of its members, the IAB is dedicated to the growth of the interactive advertising marketplace, of interactive’s share of total marketing spend, and of its members’ share of total marketing spend. The IAB educates marketers, agencies, media companies and the wider business community about the value of interactive advertising. Working with its member companies, the IAB evaluates and recommends standards and practices and fields critical research on interactive advertising. Founded in 1996, the IAB is headquartered in New York City with a Public Policy office in Washington, D.C. For more information, please visit www.iab.net.
Laura Goldberg, 347.683.1859