December 8, 2013
Source: The Latin Post
Latino buying power is continuing to grow, and continuing to be noticed by the marketing professionals who make their living looking for new customers for their clients.
Magazines catering to Hispanics saw a substantial increase in ad revenue in 2013.
According to Hispanic Business, ad sales in Hispanic magazines were up 22.5 percent for the January-September period in 2013. Revenues during that period jumped from from $167.21 million to $204.88 million.
"Among advertisers, Procter & Gamble leads the way so far in 2013 with 789 total ad pages in Hispanic magazines and a total spend of $43.9 million," Michael Caplinger wrote in the release. "L'Oreal takes the No. 2 spot with 451 total ad pages and $26.52 million spent. The two leaders' combined spend of $70.42 million is more than a third of the total spent in Hispanic magazines by all advertisers so far in 2013."
But magazine page counts aren't the only indicator of the growing Latino economic clout. Advertsing revenue in mobile categories is also rising along with Hispanics' continued enthusiasm for mobile devices. Today, Hispanics are more likely than whites to access the Internet on a mobile device such as a smart phone.
"HispanicWebMonitorTM data from Media Economics Group shows that - through October - 573 companies and 1,264 brands/campaigns employed mobile ads on Hispanic-targeted mobile (WAP) websites," reported Media Economics Group on their blog. "The widespread adoption of mobile ads by major advertisers is not surprising since an avalanche of data underscores the high and rising adoption of mobile (smartphones AND tablets) among Hispanics."
Research done by Experian suggests that in addition to simple numbers, advertising to Latinos provides mobile marketers with more bang for the buck, especially in the area of smart phones where Latinos can be twice as responsive to mobile ads.
"Our analysis indicates that Hispanic adults are shopping online more frequently than the online population and that they are shopping earlier in the season this year," said Heather Dougherty, research director at Experian Marketing Services. "Those Websites most frequently visited by Hispanic shoppers mirror the online population, with Amazon.com, Walmart.com and Target.com leading overall. However, our analysis also found that smartphones are clearly a key shopping tool for Hispanic consumers; so, ultimately, those retailers that win this highly influential and socially active consumer will be those with savvy mobile strategies and cross-channel execution capabilities."