INDUSTRY ADVICE The Dynamic Hispanic Market: : TTrraansnsffoorrmmiinngg w wiitthh ChaChannggiinngg D Dememooggrrapaphhiiccss By Eduardo Pérez/www.market5201.com Increased Central and South American migration. Migration from Central and South America to the United States also impacts the Hispanic market. With an increase of more than 129% from 2019 to 2023, the Hispanic population of Guatemalan, Salvadoran, and Honduran origin, the so-called Northern Triangle is where most Hispanics have arrived in the United States. he U.S. Hispanic market is an ever-evolving giant shaped Market impact: Immigrants bring with them new traditions, by a changing demographic landscape. Several elements tastes, and preferences, enriching the diversity of the Hispanic are woven together, giving it the complexity and richness market. Companies that understand the speci昀椀c needs of this we see daily. immigrant segment will be able to o昀昀er relevant products and TSeveral factors drive demographic change: services and earn their loyalty. The Hispanic population is aging. A crucial aspect of demographic change is the aging of the To successfully navigate this changing Hispanic population. Estimations say that 2030 the Hispanic environment, companies must: population aged 65 and older will double to 16 million. Market impact: 吀栀is population segment has speci昀椀c needs and Conduct in-depth market research to understand the preferences, demanding products and services related to health, speci昀椀c needs and preferences of each demographic segment of wellness, and eldercare. Companies that tailor their o昀昀erings to the Hispanic market. this group will have a competitive advantage. Develop culturally relevant products and services that resonate with the values and traditions of the Hispanic community. Rise of the second and third generations. Implement multilingual and multicultural marketing Second and third generations of Hispanics, born and raised in campaigns that e昀昀ectively reach Hispanic consumers. the United States, represent a rapidly growing market segment. Create personalized shopping experiences that meet the Market impact: 吀栀is group is highly acculturated, 昀氀uent in unique needs of each segment of the Hispanic market. English, and strongly connected to U.S. culture. However, they also By adopting these strategies, companies can position themselves value their Hispanic heritage and seek products and services that to fully exploit the Hispanic market's potential and achieve long- re昀氀ect their bicultural identity. Companies that can connect with term, sustainable success. this diverse segment will have great potential for success. 8080 JJUULLYY//AAUUGGUUSST 2T 200224 4 AABBAASSTOTO..CCOOMM