Beatriz Acevedo, Founder and President of Mitú discussed the power of the Hispanic market in the United States during Social Media Week in Los Angeles. During her conference she mentioned the obvious growing market Hispanics are in the US. They have a purchase power of 1.6T dollars, they over-index in consumption of technology, and have a lot of kids.
Something to be considered is that this generation of Hispanics are extremely digitally connected, spending 90 more minutes online than the average person, and over 70% of that time online is spent on Facebook. For many, this social platform is the way to communicate back to the Latin American countries where they are from (48% of US Hispanics’ Facebook friends are family members).
Also, there is a big hispanic presence among video-based social platforms. For instance 12 of the top 30 Viners are Hispanic, and Instagram is becoming the fastest growing platform amongst the target. But, how do you capture the attention and interest of this growing market? 90% of hispanics in the U.S. speak English and they have the opportunity to choose between consuming media in Spanish and/or in English. They don’t solely spend time within the Latino community, which reflects their willingness to adapt. And finally they undoubtedly have the knowledge, resources, and excitement for both cultures. Remember this is a target living in two worlds.
Beatriz mentioned that one of the ways to create an organic connection with Hispanics is through cultural relevant content. For example, Mitú is a company that has successfully merges both cultures without losing the hispanic essence in a digital platform. Resulting in 12 billion global views on youtube.
“Thanks to digital, we are able to diversify who we are, and we love it!”– Beatriz Acevedo