2022 Hispanic Market Report FINAL III

2022
The 2022
Hispanic Market Report
The New American Mainstream
Copyright ©2022 Claritas, LLC. Confidential and proprietary.

EXECUTIVE SUMMARY
The release of real 2020 U.S. Census data confirms the importance of multicultural consumers to U.S.
marketers. Since the 2000 Census, the U.S. non-Hispanic White population has decreased while the
population of all multicultural groups grew significantly. As the facts and figures in this report make clear,
Hispanics account for the majority of this growth.
Before the pandemic, Hispanics were already a critical growth driver of the U.S. economy. According to last
year’s Hispanic Market Report, Hispanics comprised 19% of the U.S. population and nearly a quarter of the
youngest generational cohorts. Hispanics have been one of the fastest-growing segments of the American
population, accounting for 52% of the growth since the 2000 census, adding more than 30 million people
during this period.
The population figures presented in this report from our newly released 2023 Annual Demographic Update
represent Claritas’ best estimates & projections of current and future U.S. population statistics. In May 2022,
when the U.S. Census Bureau issued its decennial Undercount and Overcount report for the 2020 Census,
Claritas demographers went to work adjusting our estimates and projections to reflect the significant
undercount of multicultural groups in many states. Consequently, our 2023 update shows even more growth
in multicultural population segments than any in recent memory.
We now estimate that as of January 2023, there will be almost 66.5 million Hispanics in the U.S. – almost
20% of the population. Hispanic population is projected to exceed 74 million in 2028, when it will comprise
almost 22% of the population. Hispanic households will contribute significantly to the growth in U.S.
consumer spending, especially in selected categories for which they spend more on average than non-
Hispanic households.
In this edition of The Hispanic American Market Report, we dive deep into our primary research to show
how Hispanics are leading the cord-cutting charge and consuming digital content on their mobile devices
from HD streaming video, social media, podcasts and more. We also explore why Hispanics are still under-
banked & under-insured, even though they represent some of the best growth & lifetime value opportunities
in the market.
With such substantial growth & opportunity, in the new reality there will be a premium on understanding
Hispanic consumer behavior patterns and marketers from all industries may be required to adopt new
strategies and agile approaches to messaging the right Hispanic consumers online and offline. To gain a fair
share of this increasingly important segment, marketers need to know how, when and where to engage
Hispanic consumers, in-language and in-culture.
To provide a better understanding of this segment, we’ve compiled some useful statistics & insights to help
you develop your Hispanic marketing strategy. We hope you find value in this edition of The Hispanic
American Market Report and may you have a strong finish to 2022 and a successful 2023!
Ron Cohen
SVP, Product Leadership
Claritas

The 2022 Hispanic Market Report
In celebration of Hispanic Heritage Month (Sept 15 – Immigrants from Mexico, Cuba, Puerto Rico
Oct 15), Claritas has released the 2022 Hispanic and many other Spanish-speaking countries are
American Market Report. In this report, we provide included, which means the dialects, cultures,
you with unique data, analytics and actionable behaviors, interests and values can vary among
insights that will help you effectively engage the Hispanics, perhaps more than you might expect.
fast-growing U.S. Hispanic population, now and into
the future. So, to help you get a sense of the overall Hispanic
market and how it differs from its non-Hispanic
Numbering almost 66.5 million in 2023, Hispanics neighbors, here’s an overview, plus a few
now represent 20% of the total U.S. population. They marketing insights to start fleshing out your
are also one of the fastest-growing population Hispanic marketing strategy.
segments with 89% growth between 2000-2023.
Any company marketing to U.S. consumers would be
ill-advised to ignore this population segment.
Of course, to target the Hispanic market, you'll need

66.5 million
to make sure your brand and offerings resonate Hispanics currently live in the U.S.
deeply with these consumers. But what’s uniquely
challenging about the Hispanic market is its
linguistic and cultural diversity. Source: Claritas Pop-Facts® 2023
For more multicultural consumer insights, visit www.claritas.com 3

Cultural Demographics
U.S. Hispanic 2023 Population Facts

6%
Currently, there are 147,066,135 multicultural
Americans in the U.S. This figure is projected to grow
to more than 160M by 2028. Multicultural Americans 20%
currently account for 44% of the U.S. population and by 56% 44%
2028, almost 47% of the U.S. population will be
multicultural. Hispanics are the largest multicultural 12%
segment at approximately 20% of the total U.S.
population and will grow to almost 22% by 2028. 6%
All Others N-H White Hispanic

20% of the total U.S. N-H Black N-H Asian & PI
population are Hispanic Source: Claritas Pop-Facts® 2023
Percent of U.S. Population 2000-2028

By 2028, more than
74MM Hispanics will
80%
live in the U.S.
69%
70%
Hispanics will grow to
60%
58% 56%
53% become almost 22% of our
nation’s population over the
50%
Percentages
next 5 years. The non-

40% Hispanic (N-H) Black
population will be nearly
30% constant as a proportion of
20% 22%
19% the total population, and
20%
12% 12% 12% 12% 12% White non-Hispanics (N-H)
10% 5% 6% 6% 6% 6% 7% will decline steadily as a
3% 4%
proportion of the total U.S.
0%
2000 2020 2023 2028 population.
All Others N-H White Hispanic N-H Black N-H Asian & PI
Source: Claritas Pop-Facts® 2023

Between 2000 and 2023, the Hispanic population accounted for nearly 52% of the total
growth in the U.S. On the other hand, the non-Hispanic (N-H) White population declined by
3.6% between the years 2000-2023. These findings show that all the growth now and into
the foreseeable future will emanate from groups other than the traditional non-Hispanic
(N-H) White population.
POPULATION 2000 2020 2023 2028
N-H White 194,514,140 191,697,647 187,433,934 181,641,110
Hispanic 35,238,481 62,080,044 66,496,629 74,023,945
N-H Black 33,707,230 39,940,338 40,435,525 41,698,412
N-H Asian & PI 10,410,556 20,240,737 21,103,134 22,797,157
All Others 7,551,499 17,490,515 19,030,847 21,502,345
Percent of U.S. Population Growth 2000-2028
% of Growth 2000-2020 % of Growth 2020-2023 % of Growth 2023-2028

100%
80%
60% 58%
60% 51%
40%
19% 19% 21% 19%
20% 12% 7% 10% 12% 13%
0%
-20% -5%
-40%
-45%
-60%
-58%
-80%
-100%
N-H White Hispanic N-H Black N-H Asian & P.I. All Others

58% of the projected population

growth over the next 5 years will
emerge from the Hispanic segment
As illustrated below, all the growth now and into the
foreseeable future will emanate from minority race or
ethnic groups. All the U.S. population growth since
2000 has come from multicultural segments, and that
trend is likely to continue in the future. The Hispanic
population continues to show significant growth, thus
representing one of the biggest opportunities for
marketers to grow their businesses. With the aging
Baby Boomers and the increase of diverse
families, the non-Hispanic White population is the
only segment projected to decline in the future.
Growth For Period 2000 - 2023

Population % of Total
Population Segment % Growth
Growth Growth
Hispanic 31,258,148 88.7% 52%
non-Hispanic White -7,080,206 -3.6% -13.3%
non-Hispanic Black 6,728,295 20% 11.2%
non-Hispanic Asian/PI 10,692,578 102.7% 17.8%
All Others 11,479,348 152% 19.1%
Into the Future: The Multicultural Boom 2023 - 2028
Average Growth in Population 2023-2028

Population Segment
Year Month Day Hour
Hispanic 1,505,463 125,455 4,091 170
non-Hispanic White -1,158,565 -96,547 -3,148 -131
non-Hispanic Black 252,577 21,048 686 29
non-Hispanic Asian/PI 338,805 28,234 921 38
All Others 494,300 41,192 1,343 56

Today, 18.9% of the U.S. Millennial

population is Hispanic
In the chart below, we see that the Hispanic
generational cohorts increase steadily as we move
to the younger cohorts. This is because Hispanics
are younger on average than other races and ethnic
groups. Considering this trend, for marketers to
capture the attention of the Hispanic Millennial and
Gen Z consumers, one might want to note that
although younger Hispanics might speak Spanish in
the home, English dominates conversations with
peers. Also, Hispanics across all generations,
especially those who are older, generally prefer
marketing that reflects their culture.
Generational Population By Race /Ethnicity 2023 - Nationwide
100%
7.8% 9.4% Other
13.7%
90% 4.3% 18.8% 20.8%
5.3% 26.2% Asian
7.5% 5.7%
80% 9.1% Black
7.8% 6.6% 5.2%
10.9% Hispanic
70% 9.1% 4.3%
11.1% 10.9% White
13.4% 10.7%
60%
% of Generation
Note: In this table,

18.9% we used 15-year
19.6%
50% age groups to
22.8% approximate the
Generations
40% shown.
72.6%
67.1%
30%
56.3% Age Group Generation
44.6% 43.4% Age 75+ Silent
20%
36.0% Age 60-74 Boomers
Age 45-59 Gen X
10% Age 30-44 Millennial
Age 15-29 Gen Z
Age 0-14 Alpha
0%
Silent Boomer GenX Millennial GenZ Alpha
Generation

By 2028, 21.2% of the U.S. Gen Z

population will be Hispanic
America’s Gen Z population in 2028 is expected to
be very diverse. In fact, more than half of the Gen Z
population will emanate from groups other than the
non-Hispanic White population. These children will
identify as mixed race or as part of a minority race
or ethnic group. In 2028, Hispanics will make up
21.2% of the Gen Z population. The non-Hispanic
(NH) Black population will make up 10.8%, followed
by NH Asians at 5.2% and NH Whites at 40.4%.
Generational Population by Race/Ethnicity 2028 - Nationwide

100%
9.2% 10.6%
15.6% Other
90%
4.7% 20.2% 22.5%
5.7% 27.9% Asian
7.9% 6.1%
80% 9.2% Black
6.8% 5.2%
9.2% Hispanic
11.3%
70% 10.2% 4.4% White
11.0% 10.8%
10.5%
% of Generation
60% 15.3%
Note: In this table,
20.1% 21.2% we used 15-year
50%
age groups to
24.1% approximate the
40% Generations
shown.
69.0%
64.4%
30%
51.7% Age Group Generation
20% 42.0% 40.4% Age 75+ Silent
33.1% Age 60-74 Boomers

Age 45-59 Gen X
10% Age 30-44 Millennial
Age 15-29 Gen Z
Age 0-14 Alpha
0%
Silent Boomer GenX Millennial GenZ Alpha
Generation

Where Does the Hispanic Population Live?

The Hispanic population is concentrated in Los Angeles, New York, Houston, Miami and Dallas, each containing more
than 2.5MM Hispanics. These top-5 DMAs contain more than one third of the U.S. Hispanic population; the top-20 DMAs
shown below contain around 65% of U.S. Hispanics. Hispanic population is growing in most U.S. markets, with significant
growth in Orlando, Tampa, Washington, D.C., Philadelphia and Atlanta. On a percentage basis, very strong growth is seen
in the southeastern DMAs.
Top 20 DMAs By Hispanic Population vs. Growth (2010-2023)

Hispanic Population (2023) % Growth (2010-2023)
10 90%
LA
9 80%
Hispanic Population (Millions)
8 70%
7
NYC
60%
Washington, DC
San Francisco
% Percent
Houston
Fresno-Visalia
50%
San Antonio
Sacramento
Philadelphia
Chicago
Miami
40%
Dallas
Harlingen
San Diego
Phoenix
Orlando
30%
Denver
Tampa
El Paso
3
Atlanta
2 20%
1 10%
0 0%
2023 U.S. Hispanic Population Distribution by DMA

Country of Origin Matters

Hispanics are by no means a homogeneous group.
U.S. Hispanics speak many variations of the Spanish
language and like many immigrant cultures, integrate
traditions from their countries of origin that influence
their decisions such as buying habits. So, in order to
market successfully to Hispanics, you must take into
consideration their country of origin.
Compounding the complexity of Hispanic country of
origin is that of Hispanic language preference. Almost
1 out of 3 Hispanic Americans are Spanish language
dependent or bi-lingual Spanish preferred. Businesses
seeking to connect with Hispanics should go beyond
simply being in-language, they should focus on being
in-culture and culturally relevant and traditionally
accurate.
40.3
US Hispanic country of Origin 2023
8
7 6.62
6
Hispanic Population (Millions)
5
4.39
3 2.70 2.58
2.35
1.87
2 1.48 1.39 1.23
1 0.79 0.76

CultureCode® HISPANICITY™
HA5 HA1
Hispanicity™ is a Claritas CultureCode®
measuring the degree to which people of 12.5% 17.1% In 2022, almost 47% of the
Hispanic heritage in the United States retain HA4 U.S. Hispanic population
elements of their Hispanic culture while they 15.2% classified as being more
acquire elements of the American culture. CultureCode®
HISPANICITY™
acculturated (HA1s and
Hispanicity can be dimensionalized by various HA2 HA2s).
characteristics, including country-of-origin, life
29.5%
stage, socioeconomic status, income, media HA3 Source: Claritas Pop-Facts® 2022
usage and a variety of shopping behaviors. 25.7%
CultureCode applications are used to

segment consumers by cultural group,
helping you understand preferences and
usage across culturally diverse segments
to realize market share gains.
CultureCode segments help you identify
specific channels based on preference by
cultural group, tailor stores to consumer
preferences within a trade area or market
and determine the long-term potential of
consumer segments by comparing growth
and potential across product categories.
Adoption of mainstream Retention of values and beliefs

society’s values and beliefs from one’s own culture
HA1 HA2 HA3 HA4 HA5

(Americanizado) (Nueva Latina) (AmBi-Cultural) (Hispano) (Latinoamericana)
17.1`% 29.5% 25.7% 15.2% 12.5%

English dominant English preferred Bi-Lingual (equal or Spanish preferred Spanish dominant;
(nearly no Spanish); (some Spanish); Born nearly); Immigrant as (some English); Recent immigrant as
Born in U.S.; 3rd+ in U.S.; 2nd child or young adult. Immigrant as adult; in adult (less than 10
generation. Few generation. Some Many Hispanic cultural U.S. 10+ years. Pre- years ago). Primarily
Hispanic cultural Hispanic cultural practices. dominant Hispanic Hispanic cultural
practices. practices; often “retro- cultural practices. practices. Identify with
acculturate”. home country more
than U.S.

Hispanicity™ Acculturation
Segments by Country of Origin
Country of Origin Matters

More than 63% of Puerto Ricans in the U.S.
classify as more acculturated. These
individuals, known as HA1s and HA2s,
prefer to speak English and have
fewer Hispanic cultural practices. On the
other hand, 36% of Cubans in the U.S.
classify as less acculturated. These
individuals, known as HA4s and HA5s,
prefer to speak Spanish and are immigrants
who maintain many Hispanic cultural
practices.
Cuban Americans Puerto Ricans
4%
16% HA1 Cubans 9% 24%
22% HA1 Puerto Ricans
HA2 Cubans
HA2 Puerto Ricans
HA3 Cubans
24% HA3 Puerto Ricans
HA4 Cubans
14% 31% HA4 Puerto Ricans
HA5 Cubans
HA5 Puerto Ricans
17% 39%
Source: Claritas® Pop-Facts 2022

Hispanic Language Usage 2023 5.5% .5%

30
Hispanic Population Ages 5+ in MMs
25 11%
More than 83% of Hispanics 29%
20 speak English well or better.
12%
15
10
5 42%
0
Speaks Speaks Speaks Speaks Speaks Speaks Speaks Only English
Only Spanish, Spanish, Spanish, Spanish, Other Speaks Spanish, English Very Well
English English English English English Lang Speaks Spanish, English Well
Very Well Not Well Not at All Speaks Spanish, English Not Well
Well Speaks Spanish, English Not at All
Speaks Other Lang
Source: Claritas® Pop-Facts 2023
Annual HH Income
100%
6.6%
12.1%
90%
80%
21.7%
25.7%
70%
13.0% $200k+
60%
$100k - $200k
12.5%
50% 18.1% $75k - $100k
15.8% $50k - $75k

40%
$25k - $50k
30% 22.4% < $25k
18.2%
20%
10% 18.0%
15.7%
0%
Non Hispanic HHs Hispanic HHs

There are several factors that make

Hispanic households an attractive
segment to target when considering
lifetime value (LTV)
First and foremost is that Hispanics have a longer

remaining life expectancy by virtue of the fact that
they are, on average, younger than other
race/ethnic groups. More remaining life span
means more remaining years of spending in most
categories.
Total Household Consumer Expenditures

NH White Black Asian Hispanic
3.0
Cumulative Household Spending
2.5
Millions (2022$)
2.0 Hispanic
1.5 Asian
1.0 Black
NH White
0.5
0.0
2022 2027 2032 2037 2042 2047 2052 2057 2062 2067
Remaining Life Span of Household

Consumer Spending
What categories do Hispanic households clearly outspend

other groups over their remaining lifetimes?
Spending in the categories below are driven by demographics & lifestyles. For example,
spending on food at home is directly related to size of household; Hispanic households tend
to be larger, on average, than non-Hispanic households (multi-generational, more children in
HH) which drives spending on food at home. The increased presence of children in Hispanic
households also drives spending in other categories such as QSR and Apparel, making
Hispanics very attractive customers for brands & retailers in these sectors.
Food at Home
250
200 Hispanic
Thousands (2022$)
150 Asian
100
Black
50
NH White
0
2022 2027 2032 2037 2042 2047 2052 2057 2062 2067
Food Away from Home

Quick Service Restaurants
100
80
Thousands (2022$)
Hispanic
60
40 Asian
20 NH White Black
0
2022 2027 2032 2037 2042 2047 2052 2057 2062 2067

Consumer Spending
Hispanic households will also

outspend other ethnic groups over
their remaining lifetimes in the
apparel category
Spending on apparel is directly related to size of

household; Hispanic households tend to be larger,
on average, than non-Hispanic households which
drives spending on apparel being higher than for
non-Hispanic households.
Apparel
120
100
Thousands (2022$)
Hispanic
80
Asian
60 Black
40
NH White
20
0
2022 2027 2032 2037 2042 2047 2052 2057 2062 2067

Part-two TECHNOLOGY (pages 18-23)

Using Claritas Tech Track, you’ll know
the unique technology usage and
Over the next several pages (18-33), we behaviors of Hispanic consumers
will leverage Claritas’ deep understanding BANKING (pages 24-27)
of multicultural consumers and share with Using Claritas Financial Track, the
you some fascinating insights on the nation’s largest, syndicated survey of
household financial behavior, you’ll
Hispanic consumer and how lifestyles and know the financial products used by
consumer behaviors can change based on Hispanic households.
ethnicity, acculturation, and language
INSURANCE (pages 28-33)
preference.
Using Claritas Insurance Track - the
nation’s largest and most
comprehensive respondent-level,
research data of household insurance
product usage, you’ll know more about
Hispanic purchase behaviors across
multiple lines of insurance products.
17
Know the Technology Usage and

Behaviors of Hispanic Customers
Claritas Technology Behavior Track survey
data provides a unique look into consumer
behaviors and preferences across a wide range
of technology products and services. Delivered
in a variety of formats from respondent data
files, custom reports, segmentation profiles,
analytics projects or our online platforms. Our
original research data ranges from usage,
customer satisfaction, decision motivators,
switching behaviors and more. This helps
marketers know more about why they buy.
81% of Hispanics HHs have at least 1 mobile phone

• Hispanic HHs are 78% more likely to have a mobile phone primarily used by a child in HH
• < 26% of Hispanic HHs have a landline phone (compared to 37.5% of US HHs)
Mobile Phones in Hispanic Households

Percent Index
20% 178 178 200

162
152
141
15% 150
Percent
Index
10% 100
5% 50
0% 0
HH added 3 mobile 4+ mobile 3 mobile Mobile phone
another phones in HH phones in HH plans in HH in HH
phone past 3 primarily used
months by a child

Technology Usage and Behaviors
Mobile Phone Provider - Hispanic HHs

Percent Index
Hispanics may love their
237
mobile phones, but most do
25% 221 250
not love their providers
20% 200
Almost 30% of Hispanic HHs
154 147 switched mobile providers last year
Percent
Index
15% 150
105
10% 83 100
Only 46% of Hispanic HHs rate
56 their mobile provider as “Very
5% 50 Good” or “Good” (US Avg > 52%)
0% 0 32% of Hispanic HHs are using

T-Mobile or Metro as their mobile
provider (US HHs < 20%)
Mobile Plan Features by Race/Ethnicity

Hispanic Asian Black Non-Hispanic White
300 Hispanics are most likely to

250
243 have international talk, text &
data to Mexico as an add-on
200 to their mobile service plan
Index
145 141 138

150 133
• Hispanics are 143% more
107
88 91 100 98 91
90 likely to have international
100
talk, text & data to Mexico
50
• Hispanics also over-index
0 (145) for HD video streaming
HD video streaming International talk, International talk, services
text & data - Mexico text & data - Global

Mobile Plan Features by Hispanicity
500 Unacculturated Hispanics

450
are significantly more likely
400
350 to have International talk,
text & data to Mexico as
Index
300
250 an add-on service to their
200
mobile plan
150
100
50
0
HA1 HA2 HA3 HA4 HA5
HD video streaming
International talk, text & data - Mexico
International talk, text & data - Global
Cable TV & Dish Subscription Features by Hispanicity

350 Bicultural and Partially
303
300 Unacculturated
Hispanics are most
250 231 226 likely to have Foreign
200 181 188 Language/ International
Index
135 TV packages
150
95 92
100 74
48
50
0
HA1 HA2 HA3 HA4 HA5
Cable TV: Foreign language/International package

Satellite Dish: Foreign language/International package

Streaming Service Subscriptions - Hispanic HHs

2/3rd of Hispanic HHs
Percent Index
say they watch TV
144
70% 139
133 133 150 shows and/or movies
125 124 122 122
60% 119 115
113 110 125 on their smartphones
105 100
50% 96 93 (compared to 42% of
87 100
40%
US HHs)
Percent
Index
75
30% 70% of Hispanic HHs
50 subscribe to Netflix - they
20%
25
are 22% more likely to be
10%
subscribers than the
0% 0 average HH
> 40% of Hispanic HHs

subscribe to Disney+ -
they are 39% more likely to
be subscribers than the
average HH
Social Media Usage by Race/Ethnicity

Facebook 1-2 hrs/wk
Facebook 3-5 hrs/wk
Hispanics index above
Facebook 6+ hrs/wk average for usage of
250 Instagram 1-2 hrs/wk
Instagram 3-5 hrs/wk
most social media
225 Instagram 6+ hrs/wk networks
Snapchat 1-2 hrs/wk
200 Snapchat 3-5 hrs/wk
Tik Tok 1-2 hrs/wk Hispanics index higher
175 Tik Tok 3-5 hrs/wk than all other groups for
Twitter 1-2 hrs/wk
Twitter 3-5 hrs/wk
using Instagram 3-5
150
Index
YouTube 3-5 hrs/wk hours/week, Snapchat 3-5

125 YouTube 6+ hrs/wk hours/week and TikTok 1-2
100
& 3-5 hours/week. These
insights emphasize the
75 point that marketers need
50 to incorporate social
strategies that resonate
25 with these audiences when
0 developing marketing
Hispanic Asian Black Non-Hispanic White campaigns

Social Media Usage - Hispanics

197
30% 200 Hispanics over-index
166 169 over for Instagram,
156 175
25% 153 151
138 138 150 Snapchat and Tik Tok
128
20% 115 118 125
100 106 98 102
Index
Percent
15% 100 56% of Hispanic HHs also

use YouTube at least 1
75
10% hour/week
50
5%
25
0% 0
Percent Index
Social Media Usage by Hispanicity

Facebook 1-2 hrs/wk
250 Facebook 3-5 hrs/wk
Facebook 6+ hrs/wk
Instagram 1-2 hrs/wk
225 Instagram 3-5 hrs/wk
Instagram 6+ hrs/wk
200 Snapchat 1-2 hrs/wk
Snapchat 3-5 hrs/wk
Tik Tok 1-2 hrs/wk
175
150 Bicultural &

Unacculturated
Index
125
Hispanics over-index
100 for Instagram,
Snapchat and Tik Tok
75
& YouTube
50
HA4 & HA5 under-index for
25 Twitter
0
HA1 HA2 HA3 HA4 HA5

Podcast Listening - Hispanics By overall percent,

more Hispanics listen
200
14% to music and comedy
175
12% podcasts
150
10%
125 By Index, Hispanics are
8%
100 most likely to listen to
6% 75
podcasts focused on
children & family content
4% 50
as well as education,
2% 25 health & fitness
0% 0
Hispanics over-index for
podcasts on most topics –
please note that at least
some of these podcasts
are in Spanish
Percent Index
Kids & Family Podcasts by Hispanicity

250
200
150
Bicultural and
Index
100
Unacculturated Hispanics
50 over-index for podcasts about
0 Kids & Family
HA1 HA2 HA3 HA4 HA5
They also over-index for podcasts
on Health & Fitness, Music and
Health & Fitness Podcasts by Hispanicity Religion & Spirituality
250
200
Index
150
100
50
0
HA1 HA2 HA3 HA4 HA5

Know the Financial Behaviors

of Hispanic Customers
Claritas Financial Track is the nation’s largest,
syndicated survey of household financial
behavior. Know more about which financial
products households use, balance amounts
within those products and where accounts are
held. Market changes can be tracked over time
to help you identify trends and get ahead of the
changing marketplace. Our original research can
be used to assist in strategic planning, product
development, market sizing and segmentation.
• Hispanics over-index for various credit

Hispanics as a group are more
products, but they’re not necessarily
underbanked than any other getting them from banks
race/ethnic group (only 75% of
• 35% of Hispanic HHs have a prepaid
Hispanic HHs have a checking credit (debit) card
account; US avg = 89%) US HHs < 25%; Hispanic Index = 142
Banking Service Usage - Hispanic HHs

80% 140
70% 136 137 120
127
60%
113 100
50% 100
93 88 80
40% 85
79
60
30%
40
20%
10% 20
0% 0
Checking Credit Any Auto Mortgage Any Line of Student Home Second
Account(s) Card(s) Savings Loan(s) Credit Loan(s) Equity Mortgage
Loan(s)
Percent Index

Banking Behaviors
HH Has Checking Account by Hispanicity

Percent Index
99 97
100%
90
100 Unacculturated Hispanics
90% 90 comprise the bulk of the
80% 80 Hispanic underbanked
70% 70
segment. Less than 46% of
60%
56 60
unacculturated Hispanic
52
HHs have a checking account
50% 50
40% 40 Only 24% of unacculturated

30% 30
Hispanics have any kind of savings
account (Index = 32)
20% 20
10% 10 11% of unacculturated Hispanics have

0% 0
a mortgage (Index = 30)
HA1 HA2 HA3 HA4 HA5
Wells Fargo, JPM Chase and

Primary Banking Institution - Hispanic HHs BofA have captured the largest
Percent Index
share of Hispanic Households
18% 125 3 of the big 4 U.S. banks are doing well
16% with Hispanics; Some of this is a
14% 100 function of footprint - these institutions
all have a significant presence in NY,
12%
CA, TX & FL (which contain 60% of the
75
10% US Hispanic population)
8%
50 Some of it is a function of size – BofA &
6%
JPM/Chase are each the primary bank
4% 25 for 13-14% of all US HHs. WF has under
2% 11% of US HHs but is the primary bank
for 13.5% of Hispanic HHs
0% 0
8.6% of Hispanic HHs use a credit union

as their primary bank
US HHs = 13.7%

Banking Behaviors
Hispanic HHs are looking for financial

institutions to reach out in a way that
resonates with them - a significant
percentage of them may be “up for grabs”
18.5% of Hispanic HHs have been with their
current primary bank < 3 years
US HHs = 12.5%
Hispanic Index = 147
Our research indicates that ~6 million Hispanic

HHs switched primary financial institutions in
the past 5 years
The number one reason given by Hispanics for

switching financial institutions was customer
service. NH-White HHs primarily change because
they relocate, and NH-Black HHs primarily change
because of fees
Length of Time at Primary Bank - Hispanic HHs

Percent Index
157
30% 146 160
145
132 140
25%
115
120
20%
100
15% 80
56
60
10%
40
5%
20
0% 0
Less than 90 90 days - 1 year 1 - 3 years 3 - 5 years 5 - 10 years 10+ Years
days

Banking Behaviors
Deposit Accounts Opened - Hispanic HHs

Percent Index
149
70% 150
128 131 1 in 3 Hispanic HHs
60% 125
[that have a primary
bank] opened a new
50%
100 deposit account within
40% 79 the past year
75
30% US avg < 25%
50
Hispanic Index = 136
20%
10% 25
0% 0
Opened in Past 3 Opened 3-6 Opened 6-12 Opened Over 1
Months Months Ago Months Ago Year Ago
Credit Accounts Opened - Hispanic HHs

Percent Index
Over 50% of Hispanic
70% 141 150
131 131 HHs [that have a primary
60% bank] opened a new
125
credit account within the
50%
100
past year
86
40% US HHs < 38%
75 Hispanic Index = 134
30%
50 In light of demographic
20% trends, these statistics mean
25 that Hispanics represent the
10%
fastest-growing opportunity
0% 0
segment in the market for
Opened in Past 3 Opened 3-6 Opened 6-12 Opened Over 1 financial institutions
Months Months Ago Months Ago Year Ago

Know the Insurance Product Usage

and Behaviors of Hispanic
Customers
Claritas Insurance Track samples approximately
35,000 households to find purchase behaviors
across multiple lines of insurance products such
as auto, residential, life and medical insurance. It
helps to analyze category benchmarks, assess the
competition and profile policyholders using key
attributes. With a complete battery of
demographics, wealth scores and segmentation,
Claritas Insurance Track provides the information
you need to make smarter decisions to help your
business grow.
• 35% of Hispanic HHs with auto insurance are

insuring 3+ vehicles
Hispanic HHs represent an
attractive market segment • 26% of Hispanic HHs with auto insurance are
for Auto Insurance insuring drivers under age 25 - higher
potential LTV if these policy holders can be
retained
Auto Insurance - Hispanic HHs
% Pen Index
30% 159 175

150
25% 127 132 131 150
125
20%
100
15%
75
10%
50
5% 25
0% 0
3 Auto Policies 4+ Auto Policies Auto Policy with 3 Auto Policy with 4+ Auto Insurance w/
Vehicles Vehicles Drivers < 25 on
Policy

Insurance Behaviors
Auto Insurance: Drivers < 25 on Policy by Hispanicity
% Pen Index
192
35%
178 180
200 Bicultural and
30% 175 Unacculturated Hispanic
HHs are 83% more likely
134 150
25% than avg US HH to have
20%
125 drivers under age 25 on
94
100 their policy
15%
75 > 70% of Hispanic HHs that
10%
50
have drivers under age 25 on
their policy are bicultural &
5% 25 unacculturated
0% 0
HA1 HA2 HA3 HA4 HA5
Interest in Using Mobile Device to Manage

Insurance Policy/Claims
150
Insurance providers
interested in catering to the
125 Hispanic market better
have an app
Index
100
50% of Hispanics have
expressed an interest in using
75 their mobile device to manage
their insurance policy/claims
50
Hispanic Asian Black Non-Hispanic
White

Insurance Behaviors
Interest in Using Mobile Device to Manage

Insurance Policy/Claims
% Pen Index
169
70%
146
155
175
The App should
60%
128
150
be available in
Español to
50% 125
99
accommodate
40% 100
30% 75
less acculturated
20% 50
10% 25
Hispanics
0% 0
HA1 HA2 HA3 HA4 HA5
When it comes to Life Insurance, Hispanics are under-insured.

• Less than 36% of Hispanic HHs have any Life Insurance coverage
• Reasons are mostly cultural & psychographic – not financial
Reasons for no Life Insurance - Hispanic HHs
% Pen Index
244
40% 250
35% 200
187
200
30% 160
25% 150
20%
15% 100
10%
50
5%
0% 0
No One Approached Don't Like Thinking Complexity Don't Understand Life
Me To Purchase It About Death Insurance Well
Enough

Insurance Behaviors
Less acculturated Hispanics are most

likely to have difficulty understanding
Life Insurance
More than half of less acculturated Hispanics

say “they don’t understand life insurance
well enough”
37% of less acculturated Hispanics say the

reason they don’t have life insurance is “they
don’t like thinking about death”
20% of less acculturated Hispanics say

“nobody ever approached them about
purchasing life insurance”
Don't Understand Life Insurance Well Enough
% Pen Index
30% 467 500

449
450
25%
400
350
20%
300
241
15% 250
200
10%
111 150
102
100
5%
50
0% 0
HA1 HA2 HA3 HA4 HA5

Insurance Behaviors
Promoting Life Insurance as an

investment for retirement savings
would appear to be an effective
approach for Hispanics
56% of Hispanic HHs with life insurance say it

is essential for retirement planning
45% of Hispanics say they are concerned

they will outlive their savings
Non-traditional channels & methods may be

effective (social media, seminars etc.)
Successful approaches will make use of

Spanish-language resources
Life Insurance Attitudes - Hispanic HHs
% Pen Index
60% 175
50% 150
125
40%
100
30%
75
20%
50
10% 25
0% 0
Life Insurance is Concerned I Will Outlive Will Go to Seminar to Interested in Buying Primary Source of
Essential for Retirement Savings Learn about Insurance Insurance Through Non- Insurance Info from
Retirement/Investment Products Traditional Provider Blog/Social Networks
Planning

Insurance Behaviors
The approaches described over the

previous pages on insurance
behaviors are most likely to be
successful with less acculturated
Hispanics
60% of less acculturated Hispanics agree

that life insurance is important for
retirement planning
50% of less acculturated Hispanics are

concerned that they will outlive their
savings
Life Insurance is Essential for Retirement Planning

% Pen Index
70% 150
60%
125
50%
100
40%
75
30%
50
20%
25
10%
0% 0
HA1 HA2 HA3 HA4 HA5

About Claritas Multicultural Insights to Shape a Smarter Plan
Claritas is a data-driven marketing company. With over Data from Claritas can be applied to a wide variety of
10,000 highly-predictive demographic and behavioral situations and challenges. Some of the applications are
indicators and the most comprehensive multicultural data, listed below.
our proprietary data assets give marketers the most
• Strategic Planning
complete understanding of the American consumer.
• Market Potential Assessment
• Product Development & Positioning
Our industry-leading Identity Graph unifies data from
• Database Mining & Modeling
multiple sources, connecting devices to online behavior in
• Retail Site Selection & Distribution
a privacy compliant manner and into the intelligence you
• Marketing Communications & Media Planning
need to execute seamless multichannel engagements.
• Promotions & Direct Response
• Market Research: Surveys, Focus Groups, etc.
Our multichannel execution solutions coupled with
• Industry Specific Intelligence Applications
powerful analytics and modeling capabilities will make
• Sales Potential & Forecasting
your marketing more effective and increase the ROI on
• Consumer Segmentation & Targeting
every dollar.
• Customer Relationship Management
• Investment Valuation
• Public & Social Services
Targeting the New American Mainstream • Budget Allocation
To capture multicultural growth opportunities, you must • Staffing
first understand them: their likes, dislikes, preferences, • In-store Experience Management
behaviors, etc. These insights let you create personas, • Retail Shelf-space Planning
tailor messages and promotions specific to their wants • Attribution & Incremental Lift Analysis
and needs. Marketers leverage Claritas’ deep
understanding of over 68 million multicultural consumers,
including ethnicity, acculturation, language at home,
lifestyle, consumer behaviors and more. Our solutions are
used across local, national and digital markets for smarter
targeting, smarter planning and smarter buying to help
drive bigger profits.
To learn more about how to find and win your next multicultural
consumer, visit www.claritas.com, contact us or call 800.234.5973
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2022 Hispanic Market Report FINAL III

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2022 Hispanic Market Report FINAL III

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Copyright ©2022 Claritas, LLC. Confidential and proprietary.

Of course, to target the Hispanic market, you'll need

For more multicultural consumer insights, visit www.claritas.com 3

U.S. Hispanic 2023 Population Facts

All Others N-H White Hispanic

population are Hispanic Source: Claritas Pop-Facts® 2023

Percent of U.S. Population 2000-2028

next 5 years. The non-

Source: Claritas Pop-Facts® 2023

For more multicultural consumer insights, visit www.claritas.com 4

POPULATION 2000 2020 2023 2028

N-H White 194,514,140 191,697,647 187,433,934 181,641,110

Hispanic 35,238,481 62,080,044 66,496,629 74,023,945

N-H Black 33,707,230 39,940,338 40,435,525 41,698,412

N-H Asian & PI 10,410,556 20,240,737 21,103,134 22,797,157

All Others 7,551,499 17,490,515 19,030,847 21,502,345

Source: Claritas Pop-Facts® 2023

Percent of U.S. Population Growth 2000-2028

% of Growth 2000-2020 % of Growth 2020-2023 % of Growth 2023-2028

Source: Claritas Pop-Facts® 2023

For more multicultural consumer insights, visit www.claritas.com 5

58% of the projected population

Growth For Period 2000 - 2023

Into the Future: The Multicultural Boom 2023 - 2028

Average Growth in Population 2023-2028

For more multicultural consumer insights, visit www.claritas.com 6

Today, 18.9% of the U.S. Millennial

Generational Population By Race /Ethnicity 2023 - Nationwide

Note: In this table,

Source: Claritas Pop-Facts® 2023

For more multicultural consumer insights, visit www.claritas.com 7

By 2028, 21.2% of the U.S. Gen Z

Generational Population by Race/Ethnicity 2028 - Nationwide

20% 42.0% 40.4% Age 75+ Silent

33.1% Age 60-74 Boomers

For more multicultural consumer insights, visit www.claritas.com 8

Where Does the Hispanic Population Live?

Top 20 DMAs By Hispanic Population vs. Growth (2010-2023)

2023 U.S. Hispanic Population Distribution by DMA

Source: Claritas Pop-Facts® 2023

For more multicultural consumer insights, visit www.claritas.com 9

Country of Origin Matters

Source: Claritas Pop-Facts® 2023

For more multicultural consumer insights, visit www.claritas.com 10

CultureCode applications are used to

Adoption of mainstream Retention of values and beliefs

HA1 HA2 HA3 HA4 HA5

17.1`% 29.5% 25.7% 15.2% 12.5%

Source: Claritas Pop-Facts® 2022

For more multicultural consumer insights, visit www.claritas.com 11

Country of Origin Matters

Cuban Americans Puerto Ricans

Source: Claritas® Pop-Facts 2022

For more multicultural consumer insights, visit www.claritas.com 12

Hispanic Language Usage 2023 5.5% .5%

Source: Claritas® Pop-Facts 2023

15.8% $50k - $75k

For more multicultural consumer insights, visit www.claritas.com 13

There are several factors that make

First and foremost is that Hispanics have a longer

Total Household Consumer Expenditures