Technology moves fast. It’s a revolution. We “like” things, “tweet,” make “friends” and “pin.” We read the newspaper, shop for new clothes, and cook. Ten years ago, we held the paper, went to the mall, and opened a cookbook. Now, many of us do it online.
Allegedly, kids in sweatshirts created it. Millennials embraced it. Today, Hispanics are driving it.
The U.S. Hispanic population is expected to grow at a rate almost four times greater than the total population for the next 30 years1. More people means more money. More money, more purchases.
Hispanics choose to purchase technology. Today’s market teems with gadgets – watches use GPS, cameras travel underwater, and coffee practically brews itself. Five years ago we were thrilled to own a flip phone. Now, life pre-iPhone seems impossibly distant. The other half of Americans who own a smartphone tell a similar story2.
The Hispanic community has embraced technology even faster – now, almost three out of every four Hispanic adults owns a smartphone. They are more likely than the general consumer to replace or upgrade this smartphone in the next six months, and even more likely to buy a tablet3.
Hispanics are not only buying the newest gadgets – they’re using them a lot.
The main use of mobile technology? Social media. Every day, social media profiles provide consumers the means to connect. We connect with friends, with family, and with strangers. We connect with neighbors and with acquaintances halfway across the world.
Ninety five percent of Hispanics that own a smartphone use it to connect. Across the board, Hispanics utilize social media more than the general online consumer. Hispanic adults are more likely to follow a brand on social media; they are more likely to follow a celebrity on social media; they are more likely to post links to articles, videos, and websites4.
This active social media use isn’t one-dimensional. It increases brand visibility, fosters relationships, and ultimately creates sales.
Mobile shopping is advancing at an unprecedented rate. One-third of mobile Americans shop online5. We buy new sweaters and new books. We buy new bags to carry our new books. We download coupons, plan trips, and sell old shoes (only worn once!).
Almost half of Hispanic consumers shop online. Per-capita, Hispanics outspend non-Hispanics on electronics, travel, clothes, and music5.
This means Hispanic consumers are more likely than the general consumer to:
1. Own a smartphone
2. Use social networking sites and applications, and
3. Shop online
It doesn’t matter where this started. What matters? Where it’s going, and who’s taking it there.
Soon, there will be a new iPhone and a new Facebook. Consumers will invest in new devices, find new ways to connect, and expand the mobile network. Expect Hispanics to lead the way. How will the market react?
1 Nielsen. State of the Hispanic Consumer: The Hispanic Market Imperative. Quarter 2, 2012; 2,3 Nielsen. The Digital Consumer. February 2014; 4 Nielsen. Digital es Universal. March 2014; 5 Zpryme Research & Consulting. Hispanic Mobile Purchasing Trends. October 2014