Hispanic Car Buying Habits 101: the keys to understand them
Trends
6 reasons why US Hispanics are the most coveted target for automotive brands
The U.S. automotive market is going through changes in response to consumer groups and their specific needs. Among the diverse consumer groups driving these shifts, the Hispanic community in the United States stands out as a particularly influential demographic. Understanding Hispanics' car buying habits is crucial due to their preferences and increasing purchasing power. Automakers recognize that in order to stay relevant and competitive, they must delve deeper into what drives the purchasing decisions of this influential segment.
In this blog post, we will delve into some reasons and trends to understand why US Hispanics are the most coveted target for automotive brands.
1.The great minority
With a population of 56 million, US Hispanics represent the biggest US minority, and it is expected to grow by 1.5 million a year between 2015 and 2020. To put it simply, this means that 187 Hispanics are added to the market every hour. This rapid expansion presents an opportunity for businesses to connect with a growing consumer base.
2.Purchasing power
US Hispanics are the most powerful purchasing minority. This has a noticeable impact on various industries. According to a report from Bizjournals, US Hispanics contribute $44 billion to the automotive industry. Their spending habits and preferences are crucial in influencing market strategies and the development of products.
3.Probabilities
When it comes to the automobile sector, US Hispanics stand out for their distinctive buying patterns. Compared to the overarching market, they are 60% more likely to buy their first brand-new car. Moreover, there is a 52% chance that they will add a second vehicle to their households. These statistics emphasize the community's affinity for automobiles and their substantial influence on the automotive market dynamics.
4.Latin passion
The car is not just a mode of transport for Hispanics; it's an emblem of pride, achievement, and emotional connection. They LOVE their cars. According to their heritage, buying a car means a huge sacrifice. However, nowadays, Hispanics living in the US live a different reality in which buying a vehicle is approachable. And so, that special love remains and generates a unique bond between the car and its owner.
5.Toyota did it
The “Más que un auto” (more than a car) campaign for US Hispanics turned into a complete success. By embracing the concept of the bond between Hispanics and their vehicles, Toyota took an approach. They encouraged participation from their social media followers by offering personalized stickers that allowed car owners to give their cars chosen names. This campaign not only amplified brand engagement but also celebrated the cultural nuances of the Hispanic community.
6.GAEL GARCÍA BERNAL
How could we forget this? 
