Impact of Digital Technologies on the Lives of Latinx Consumers [REPORT]

 

Technology is transforming Latinx consumer behavior, from shopping to communication and media consumption, according to Descubrimiento Digital: The Online Lives of Latinx Consumers, released by Nielsen. The majority (60%) of Latinx consumers were either born or grew up in the internet age, compared to 40% of non-Hispanic Whites. This means today’s Hispanic consumers didn’t transition to the internet; they were raised with it.

The 2018 report shows how Latinx consumers have leveraged digital platforms to inform how they make purchases, consume content, keep in touch with family and friends and even start their own businesses. Also covered within the report are demographic trends in the Hispanic population, like its relative youth, larger multigenerational households and increasing buying power. Insights within the report point to U.S. Hispanics as an absolutely essential consumer group to reach for brands and companies looking to drive growth in a multicultural market.

Key insights from the report include:    

The Hispanic Youth Phenomenon:

•     Hispanics have younger median age (27 vs. 42 for non-Hispanic Whites), meaning they have 18 more years of effective buying power than non-Hispanic Whites.
•     By 2060, according to Census Bureau projections, 30% or more of the population under age 35 will be Hispanic, while at least 20% of the 35-and-older age group will be Hispanic.

Technology Pacesetters:

•     53% of U.S. Hispanics agree they prefer products that offer the latest in new technology, and 36% agree they like to have a lot of gadgets, over-indexing non-Hispanic White consumers by 32%.
•     With 27% of Hispanics living in multigenerational households, younger Latinx generations have great influence on older Hispanics. Hispanics 50 and older over-index their non-Hispanic White counterparts by 36% for agreeing they like to have a lot of electronic gadgets.

Social Media—The Digital Source of Comunidad:

•     Hispanics over-index for the amount of time they spend on social media, with 52% spending at least one hour per day on these sites, compared with 38% of non-Hispanic Whites, and 24% spending three or more hours per day, compared with 13% of non-Hispanic Whites.
•     Hispanics share social media content five times more often than non-Hispanic Whites.

The Internet as a Conduit for Commerce:

•     82% of Hispanics agree that the internet is a great way to gather information on products and services they’re considering purchasing, and 78% agree it is a great way to buy products.
•     Hispanics over-index on reading online reviews before purchasing a product, and 38% agree they like to share their opinions about products and services by posting reviews and ratings online (over-indexing non-Hispanic Whites by 46%).

To download report CLICK HERE.