Hispanic consumers are a thriving and influential force in the U.S. economy. Comprising nearly 20% of the population and accounting for $1.7 trillion in spending power, these super consumers are, on average, younger than their majority counterparts, spend more on retail and travel, and over-index on technology use. Hispanic market research shows they also value collectivism, which means they are more likely to make purchasing decisions based on input from family and friends. When describing their identity, Hispanics are heavily influenced by their culture and tradition. Brands looking to expand their consumer base can benefit from Hispanic market research to understand the unique needs and preferences of Hispanic consumers through custom market research.
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