The Hispanic market is no longer a niche—it's a cultural and economic powerhouse. Forget the outdated stereotypes—today's Hispanic consumers are a diverse and influential group shaping trends and driving economic growth. Projected to reach a staggering 132 million individuals by 2050, Hispanics will be the nation’s largest demographic, wielding immense buying power that already surpasses 25% of dollars spent in the U.S.

To build authentic connections with this demographic, brands must prioritize Hispanic market research, exploring consumer attitudes, behaviors and preferences and unlocking valuable insights. However, traditional research methods often fall short, lacking familiarity with this community's diverse cultures, languages and experiences. A deep understanding of cultural values, consumption habits, and the strong family dynamics that shape Hispanic consumer behavior is crucial.

This is where online panels come in. These online communities consist of pre-recruited Hispanic consumers willing to participate in online surveys and focus groups. By leveraging online panels, brands gain access to a broader pool of Hispanic consumers, including those who may be difficult to reach through traditional methods like in-person surveys or geographically limited focus groups. This allows you to gather more nuanced and representative data, leading to a deeper understanding of each segment's unique needs, preferences and cultural influences.

Online panels present several advantages for collecting data from Hispanic consumers. Here are a few key reasons why they are especially effective:

• Mobile-First Approach: Nearly 80% of U.S. Hispanic adults access the internet via their mobile devices. Online panels are optimized for mobile participation, making them convenient and accessible for this tech-savvy demographic.
• Geographic Diversity: Online panels transcend geographic limitations, allowing you to reach Hispanic consumers across the country, including those in rural areas or with limited access to traditional research methods.
• Targeted Recruitment: Reputable online panels offer diverse participant pools segmented by various demographics, including country of origin, generation, income level, and geographic location. This allows you to target specific segments of the Hispanic market for a more focused and insightful study.
• Increased Response Rates: Online surveys within panels often boast higher completion rates than traditional methods, leading to a richer data set and more reliable insights.

By considering these factors and adopting a "mobile-first" approach in your panel design, you can ensure a representative sample that accurately reflects the diverse Hispanic market. Doing so empowers brands to develop targeted marketing strategies that resonate effectively with this influential consumer group.

Choosing the Right Partner

Including Hispanic voices in your research through online panels contributes to a more representative study, which mitigates the risk of costly marketing missteps.

ThinkNow is the preferred source for double opt-in Hispanic sample in the United States and Latin American countries, maintaining an online panel of over 1 million Hispanic panelists representing a diverse range of backgrounds, lifestyles and perspectives.

To learn more, reach out to us.

Americans are gearing up to make their voices heard as the 2024 Presidential Election approaches. With only six months before ballots are cast, emotions are running high as the nation prepares for one of the most consequential elections in history. ThinkNow tapped into the pulse of likely voters with a nationwide online quantitative survey, uncovering the attitudes and trends shaping this pivotal moment in American democracy.

Download the report here.

A Diverse and Engaged Electorate

The survey, which reached 2,000 Americans and 1,443 likely voters, highlighted a significant level of engagement among various demographic groups. While approximately 80% of Non-Hispanic Whites, Asians, and African Americans expressed their intention to vote, around 70% of Hispanics indicated the same. Despite historical patterns suggesting a potential gap between reported intentions and actual turnout, the demographic differences align closely with past trends.

Not everyone, however, is interested in voting. Among the top explanations cited was the lack of appealing candidates, with Gen Zers exhibiting the lowest interest in politics overall. Furthermore, Baby Boomers and Non-Hispanic Whites were most likely to express dissatisfaction with the current slate of candidates.

Seven States Poised to Determine Election Outcome

One of the survey's most notable findings was the even split among likely voters between Republican and Democratic candidates. In pivotal swing states such as Arizona, Georgia, North Carolina, and Michigan, Republican candidates held a clear edge, potentially tipping the scales in favor of the GOP. If actual voting results were to match current survey results, the Republican party would obtain the 270 electoral votes needed to win the White House. 

Interestingly, if Michigan, with its 15 electoral votes, were to vote for the Democrats, they would retain the White House.

TV News Still Rules

When it comes to sourcing information about candidates, traditional media outlets such as TV news and news websites remain the primary channels for likely voters. However, social media and conversations with family and friends also play a significant role, particularly among younger demographics and certain ethnic groups.

Interestingly, the choice of information sources varied across swing states, reflecting each region's diverse media landscapes and campaigning strategies.

The Economy Takes Center Stage

Amidst a myriad of issues, the economy emerged as the foremost concern for likely voters nationwide. Healthcare, social security, and immigration also ranked prominently among voters' priorities, highlighting the multifaceted nature of electoral decision-making. Notably, Republican and Democratic voters exhibited divergent priorities, with the economy, immigration, and a strong military resonating strongly among the former, while healthcare and gun laws were top issues for the latter.

Furthermore, generational disparities on issues were evident, with Millennials prioritizing anti-poverty initiatives and LGBTQ+ rights. Gen Xers and Boomers, on the other hand, focused more on traditional concerns like abortion and national security. Gen Z cares more about student loan repayment than other groups by a wide margin. In swing states, variations in issue salience were observed, reflecting each region's unique socio-political landscapes and demographic compositions and the need to target messaging at the local level.

Challenges to Electoral Confidence

Despite the impending electoral showdown, concerns lingered regarding the fairness and integrity of the electoral process. Alarmingly, less than half of likely voters expressed confidence in the upcoming elections' fairness, with Republican voters exhibiting the highest levels of skepticism. Surprisingly, a substantial proportion of Hispanics voiced doubts about the election's fairness, underscoring the need for enhanced efforts to bolster confidence and transparency in the electoral system.

In Conclusion

As the 2024 Presidential Election approaches, the insights gleaned from ThinkNow's survey offer a snapshot of the diverse perspectives and priorities shaping the American electorate as they currently exist. Public opinion will certainly shift in the coming months, but these findings can provide valuable guidance for candidates, policymakers, and stakeholders navigating the intricacies of current American electorate. Ultimately, democracy is founded on the principles of participation and representation. With an evenly divided electorate, the outcome of the coming election will be determined by the enthusiasm each party can generate.

Download the report here.

Understanding consumer trends and preferences through market research has always been important to marketers. But it's become a business imperative in today’s hyperconnected, competitive marketplace. While countries like Colombia, Dominican Republic, Peru, Chile, Ecuador, and Mexico have led the way in market research investment in Latin America, we must acknowledge the strides made in Central America, notably in Guatemala, Honduras, El Salvador, Costa Rica and Panama.

What’s driving the growth?

Well, several factors are at play. The widespread expansion of the internet has opened up a wealth of data on consumer behavior and market dynamics, now easily accessible with just a few clicks!

Furthermore, the growth of the middle class in the region has generated more sophisticated consumer demands. With a population whose tastes and preferences are constantly evolving, companies must stay up to date. Market research insights are the compass guiding their journey.

Finally, the reduction in extreme poverty in recent decades has been a significant factor. This change has increased consumption and attracted greater domestic and foreign investment, creating a virtuous cycle where economic expansion fuels the imperative for deeper insights.  

How do you navigate the challenges?

Like any journey, navigating market research across LATAM has its share of bends and twists in the road. Access to representative samples of the online population remains an obstacle. Disparities in internet connectivity can skew research results, posing a hurdle to obtaining accurate insights.

As such, data quality is fundamental. With the vast amount of information available online, it is crucial to ensure that the data is reliable and accurate. After all, no one wants to make important decisions based on faulty information.

Additionally, there's an ongoing tug-of-war between traditional methods and online research. Convincing companies to embrace new technologies can be daunting, yet exploring all avenues is essential to paint a comprehensive picture of the market landscape.

What are the market research fundamentals?

First, find an experienced business partner with a track record of providing reliable and representative samples in Central America, like ThinkNow. In addition, instead of seeing online research and traditional methods as adversaries, inquire how both approaches can be integrated to attain a more comprehensive and precise understanding of the market.

Lastly, adopt a balanced approach. While the growth of market research in Central America presents exciting opportunities, sustaining this momentum and fostering its contribution to regional economic development requires addressing industry-wide challenges across LATAM. Collaboration between the public and private sectors is imperative to harness the potential of online research across the region.

References:

World Bank. "Central America: Investment and Economic Growth".

Latin American Institute of Market Research and Public Opinion (ILAM). "Report on the Growth of Market Research in Central America".

López, A. (2022). "The impact of the expansion of the Internet on market research in Latin America". Journal of Economic Studies, 15(2), 45-60.

In the dynamic landscape of sports fandom, one demographic stands out for its potential to reshape the future: young bilingual Latino fans. These individuals bring a unique perspective to sports, craving innovative ways to express their passion for the game. But that passion goes beyond the field to the experience, whether tailgating or engaging with brand activations. For brands to truly connect with these fans, they must seek to understand and cater to their needs, redesigning the fan experience to create a more inclusive and engaging community.

But what does that look like? Traditionally, sports fandom has been defined by loyalty to teams and players. But that’s evolving as bilingual Latinos navigate between cultures and languages. Understanding cultural nuances and generational differences within the Latino community can translate into higher ticket sales, greater demand for merchandise, and overall fan engagement for leagues.

Because of this, major sports leagues, such as the NFL and MLB, are increasingly embracing the importance of diverse narratives and communities within their fan base. Aside from drafting Latino players and sponsoring Spanish-language simulcasts, leagues and franchises successful at leveraging Latino fandom understand the elements of their sports entertainment offering that appeal to Latinos and invest in supporting those features.

Tapping into this demographic represents a substantial economic opportunity. With nearly 20% of the US population identifying as Latino and 40% considering themselves avid sports fans, there's immense potential for growth and innovation. However, capturing the attention and loyalty of young bilingual fans requires more than gestures like heritage nights, which can be perceived as performative if not integrated into a broader engagement strategy. Engagement demands a deep understanding of Latinos' cultural backgrounds and preferences and a commitment to authentic representation. Sports leagues must incorporate these insights into their growth strategies, ensuring the fan experience reflects the diverse communities supporting them.

In this episode of The New Mainstream podcast, Jesus Chavez, co-founder and CEO of CABRA Sports, delves into Latino sports fandom, exploring the strategies and cultural insights driving the industry’s evolution.

The evolution of financial technology, commonly referred to as 'fintech,' has undergone a remarkable surge in recent years, empowering consumers to conduct their banking activities on their terms from any location. So high is the demand for online financial tools that banks like Bank of America, which started shuttering its drive-through teller lanes in 2013 due to low usage, have pivoted to establish robust digital solutions. These solutions are tailored to help consumers manage their personal finances exclusively through online channels. This shift is not limited to central banks, however. Online banks like Ally Bank and neobanks like Chime are also vying for consumers' attention, offering both traditional and non-traditional banking services and greater flexibility than their brick-and-mortar counterparts.

Among the consumers embracing fintech are Latinos, who do so at a higher rate than other demographic groups. This trend can be attributed to a few factors. The Latino population in the U.S. skews younger, and as younger consumers are generally more predisposed to adopting new technologies, fintech becomes a natural choice. Additionally, Latinos may face language barriers and systemic challenges such as discrimination, making fintech options more attractive and accessible.

Regardless of how consumers choose to bank, most agree that understanding and managing one’s finances is essential to building wealth and economic self-sufficiency. For Gen Z, especially those subscribing to the concept of 200%, where individuals embrace their dual identity as both American and Latino and whose motivations for wealth-building differ from their parents and grandparents, using an in-culture digital-first financial platform to demystify complex financial concepts is key to engaging them.

In this episode of The New Mainstream podcast, Beatriz Acevedo, CEO and Founder of Suma Wealth, underscores the importance of developing culturally relevant fintech tools to increase financial literacy in the Hispanic community. To download the SUMA App, click here.

Financial curveballs sent many American families reeling in 2023. Household budgets were squeezed by rising interest rates, surging prices on everyday goods, and a stagnating housing market. Consumers were feeling strapped. That sentiment, however, appears to be waning. The question is, to what extent?

To take the pulse of consumers’ feelings about their financial well-being ahead of a highly anticipated election, ThinkNow conducted a nationally representative quantitative survey. The survey highlights consumers’ hopes and anxieties as we move into 2024. Let's unpack the key findings to gain insights about where we stand.

Download the report here.

Optimism Is on the Rise

Nearly twice as many respondents in our survey anticipate an improvement in their financial situation (both personal and family) for 2024 (38%) compared to those expecting a decline (20%) when compared to 2023. And, around two-thirds of respondents feel confident managing their finances moving into 2024. African Americans and Baby Boomers lead in this category, while Gen Z lags behind. This gap highlights a potential need for targeted financial education initiatives, especially among younger consumers.

Some Still Feeling Overwhelmed

The financial optimism isn't shared equally. Hispanics, non-Hispanic Whites, and Millennials top the list of those feeling financially overwhelmed. While N.H. Whites worry about retirement more than African Americans, both groups face significant pressure. Interestingly, Baby Boomers seem the most grounded, with the lowest reported stress.

Compared to last year, almost half of the respondents have reported a significant increase in their financial anxiety—notably, women, N.H. Whites and Gen Xers are at the forefront of this trend. Despite these challenges, optimism isn’t lost. Approximately two-thirds of respondents believe their finances will improve in 2024, with Gen Z and Millennials emerging as the most optimistic.

Navigating the Debt Dilemma

Debt looms large, with half of the respondents burdened by it. While Asians and Gen Z carry less debt, Millennials and Gen X grapple with debt, especially credit card debt, the most. Making payments is a struggle for many, with African Americans, Gen Z, and women the most impacted. Rising interest rates add another layer of anxiety, particularly for African Americans and Baby Boomers. Previously sustainable debt levels can become overwhelming as interest rates rise.

As per the headlines, inflation is the top financial concern across the board, followed by unexpected expenses and housing costs. Gen Z worries less about inflation and the economy compared to older generations, but housing affordability and saving for the future weigh heavily on their minds.

Fortunately, over half of respondents actively seek support when stressed about finances, especially Gen Z and Millennials, known for being more open and vocal about their lives. While most respondents are likely to reach out to family and friends for advice, the willingness to openly talk about finances is still somewhat taboo. African Americans and Baby Boomers are ‘very uncomfortable’ talking about their finances with others.

Promoting Financial Wellness

Finally, the survey emphasizes the importance of financial education, with an overwhelming majority acknowledging its crucial role in financial well-being. This underscores the need for financial literacy programs accessible across all demographics to empower individuals to manage their finances confidently.

Remember This

America's financial landscape is diverse, with different groups facing unique challenges and holding varying degrees of hope. Recognizing these disparities and fostering financial literacy across all generations and ethnic groups is key to building a more financially secure and resilient economy.

For deeper insights into the ThinkNow 2024 Consumer Financial Wellness Report, download it here for free.

The 2023 holiday shopping season kicked off strong, with Adobe Analytics reporting a record $9.8 billion in Black Friday online sales, up 7.5% from 2022.Cyber Monday numbers were even stronger, with consumers spending $12.4 billion, a 9.6% increase over last year. So, what does this mean for December sales and the rest of the holiday shopping season? ThinkNow recently conducted a nationally representative quantitative survey of 1,500 consumers revealing insights into what Americans buy and spend for the holidays. From shopping habits to spending patterns, let's delve into the top five trends shaping the 2023 holiday shopping season.

Download the report here.

Top Holiday Shopping Trends

1. Pre-Holiday Shopping: According to the survey, 2 out of 5 consumers preferred to kick-start their holiday shopping before Black Friday with many aiming to beat the holiday rush and avoid potential price increases and last-minute shipping delays. These early birds plan to strategically spread their purchases over the entire holiday season to help reduce feelings of overwhelm and keep the budget.
2. Spending Sentiments: The robust start to the holiday shopping season may not last. Dollar sales growth is projected to slow from 6% last year to 3.3% this year, according to S&P Global Market Intelligence. Our survey corroborates this trend and shows that:
   • Planned gift spending is waning: This year's average planned expenditure on gifts is $433, a noteworthy dip from $506 in 2018.
   • Gift-giving opt-outs are rising: Nearly 20% of respondents are opting out of gift-giving altogether this season.
   • Interest-free loans are gaining traction: 30% of respondents plan to leverage interest-free installment loan services like Pay in 4, AfterPay or Klarna.
3. Spheres of Influence: Multicultural consumers rely heavily on their social circles for holiday gift ideas. When shopping for holiday gifts, family and friends remain the top source of inspiration for consumers, followed by in-store displays, with Hispanic consumers particularly receptive to the latter.
4. Digital-First Shopping: More than half of consumers plan to make holiday purchases online this year, with e-commerce giants like Amazon, eBay, and Temu leading the way. Most online purchases will be made via smartphones, highlighting the growing role of mobile devices in the shopping experience. Asian consumers are most likely to shop online, while Millennials are most likely to use mobile apps.
5. Top Gift Categories: Clothing, gift cards, and toys/games emerge as the frontrunners in this year's holiday gift categories. Gift cards are most popular with Baby Boomers, while Millennials are most likely to buy a voice-controlled product like Google Home or Amazon Alexa.

Implications for Businesses

The changing consumer landscape presents challenges and opportunities during the holiday season. Our findings suggest that businesses should focus on the following strategies to engage multicultural consumers during this time to build goodwill that could spill over to other peak spending seasons:

• Embrace cultural nuances. Multicultural consumers are a growing and influential segment of the U.S. population, and spending habits differ by ethnicity. For example, 41% of Asian consumers planned to start their shopping on Black Friday compared to the 27% Total Market Average. Over 40% of Hispanics (most commonly foreign-born and Spanish-dominant) plan to celebrate Three Kings' Day on January 6, extending the holiday shopping season into the new year. This presents a unique opportunity to engage these consumers with targeted campaigns and promotions.
• Prioritize e-commerce and omnichannel experiences. Online shopping soared during the COVID-19 pandemic and has continued to grow, but consumers are also enjoying the ability to gather in person again. Businesses must optimize their e-commerce platforms and mobile app experiences to cater to the growing mobile-first consumer base while offering seamless integration between online and offline experiences, like in-store pickup.
• Offer competitive prices and promotions. Inflation woes and government shutdown rumors have made consumers more price-sensitive – they are actively seeking deals and discounts. Use data-driven insights to tailor offers and discounts to specific cultural groups based on their preferences. Offer flexible payment solutions like installments or buy-now-pay-later options to cater to various financial situations.
• Provide exceptional customer service. Good customer service is always important, but it is especially critical during the stress of the holiday season. Train employees on cultural sensitivity and offer multilingual customer service options to make it easy for customers to communicate in their preferred language. Most importantly, respond promptly to inquiries and concerns and demonstrate empathy and understanding.

Conclusion

The 2023 holiday shopping season is starting strong, with several key trends emerging. Early birds are taking advantage of extra discounts and promotions, while spending sentiments are mixed due to economic uncertainties. Online shopping continues to dominate the landscape, with over half of consumers planning to purchase online. This presents a unique opportunity for businesses catering to multicultural consumers who are expected to drive significant growth during the holiday season.

Download the full report here for a deep dive into the findings and more cultural insights.