The U.S. Hispanic market is one of the largest and fastest-growing, and Hispanic consumer preferences play an essential role in the future of commerce. Here are five key trends that companies should keep in mind in 2023 when developing products and marketing strategies for this demographic:
1. Family Leadership: According to a Nielsen study, 71% of U.S. Hispanic consumers say the family leader makes purchasing decisions. Companies that can address this leader and offer products and services that meet their needs will have an advantage in the marketplace. It is important to note that Hispanic household family leaders are often influential and respected figures.
2. Community and culture: According to a Univision study, 87% of U.S. Hispanic consumers say feeling connected to their culture and community is essential. Culture and society are vital for Hispanic consumers, and companies must respect and celebrate these aspects. Companies that can offer products and services that connect Hispanic consumers to their culture and community will have an advantage in the marketplace.
3. Personalized shopping experience: According to an Accenture study, 89% of U.S. Hispanic consumers want a personalized shopping experience. Companies that can achieve this goal and offer customized products and services will have an advantage over their competitors. Personalization refers not only to recommendations based on purchase history but also to an overall shopping experience tailored to each consumer’s needs and desires.
4. E-commerce: During the pandemic, e-commerce saw a 46% increase over the previous year, according to a study by Adobe. Companies that offer an easy and convenient online shopping experience will have an advantage in the marketplace. E-commerce has become increasingly popular among Hispanic consumers, and companies need to invest in technology and security to ensure a satisfactory online shopping experience.
5. Trusted Brands: According to a McKinsey study, 92% of U.S. Hispanic consumers say brand trust is essential to their purchasing decisions. Transparency and accountability are key to establishing and maintaining consumer trust. Companies that can develop and maintain the trust of Hispanic consumers will have an advantage in the marketplace.
In conclusion, U.S. Hispanic consumer preferences are influenced by cultural, familial, and technological factors. Companies that can address these factors and deliver a personalized, online, and trusted shopping experience will have an advantage in the marketplace in 2023. Companies need to invest in technology and market research to understand the needs and preferences of Hispanic consumers and develop effective strategies to serve them.