IPR is featuring research and some of the many Hispanic pioneers who have had an impact on the field of public relations in celebration of Hispanic Heritage Month.
McKinsey & Company examined the economic state of Latino consumers in the United States to identify their spending habits post-pandemic and where their needs were unmet.
The data were compiled from a variety of sources including the U.S. Census Bureau, Stanford’s 2021 State of Latino Entrepreneurship, and a consumer survey conducted in August 2022 with 4,400 respondents.
Key findings include:
1.) 68% of Latino consumers across all age groups reported being influenced by social media posts when choosing brands, compared to 47% of U.S. consumers overall.
– 50% of Latino consumers were inspired to purchase products by celebrities on social media, and documentaries, compared to 25% of non-Latino consumers.
2.) 34% of Latino consumers were more willing to switch to less-expensive products to save costs, compared to 27% of all consumers.
– However, brand positions on social issues were 12 percentage points more important to Latino consumers compared to the general population, making Latino consumers more willing to spend on products from brands that reflect their views.
3.) 28% of Latino consumers said they were dissatisfied with their current product options, compared to 21% of white, non-Latino consumers.
– Dissatisfaction was due to several reasons, including high prices, lack of features, and lack of value for money.
4.) Latino consumers would spend an estimated $33 billion more if reasons for dissatisfaction were addressed.
Read the full report here:
