Hispanic advertising is a difference maker. According to MediaWeek, one way for brand marketers to increase sales in a down economy might be by targeting Hispanics with Spanish-language media. According to a new study conducted by Experian Simmons for Univision, Hispanics are less affected by the recession, tend to be more positive about it, shop more often and are more receptive to TV ads than the general population.
The advertising study analyzed weekly consumer data collected between January 2008 and March 30, 2009, using the week of Sept. 29, 2008 as the start of the economic meltdown to gauge consumer attitudes and behavior before and during the recession.
Compared to non-Hispanics, more Hispanics (34 percent) expect to be better off financially in the next 12 months vs. 25 percent for non-Hispanics. And more Hispanics than non-Hispanics believe the economy will improve in the next 12 months, 29 percent versus 21 percent, respectively.
Not only do Hispanics have a more positive attitude than non-Hispanics, they are less affected by some of the factors stunting the overall economy. Only 45 percent of Hispanics have credit cards vs. 71 percent of non-Hispanics. Fewer have loans, 34 percent versus 53 percent for non-Hispanics, and they are less burdened with potential debt.
“Hispanics are more likely to look out for special offers. In general, they use cash and are more careful with money,” said Tom Morrison, vp of Experian. More Hispanics say they go shopping frequently compared to non-Hispanics — 34 percent compared to 29 percent — and Hispanics are more willing to pay for branded prescriptions than non-Hispanics, 31 percent vs. 15 percent.
Univision said the data is paying off with advertisers. One casual dining space advertiser saw a sales lift of 23 percent by targeting Hispanics. Why is hispanic advertising important in this tough economy ? “Everyone is looking to better leverage their dollars,” said David Lawenda, president of advertising sales and marketing for Univision. “In the past six months, we’ve had many marketers tell us that their Hispanic sales are outpacing their non-Hispanic sales.”