As we approach 2022, credit union marketing plans must hone in on information and details of your ideal members’ lives to engage with them most effectively. Marketers need to focus on having the right approach and knowing the current and upcoming trends to reach your ideal members.
This is particularly true when serving the Hispanic community, so here are three must-follow trends based on my research and experience credit union leaders for 2022:
1. Hispanic population growth is one of the top reasons the United States is becoming more diverse.
Hispanics are the fastest-growing segment in the U.S. and have been steadily increasing for the last decade. Hispanic people are projected to be the largest minority group in the U.S. by 2050. Compared with the general population, Latinos are approximately 14-15 years younger in average age, adding to the growth in consumer categories like Fashion, Health & Beauty, and more. Identify how your credit union can use information like this to target this community’s needs and aspirations.
2. Hispanics are the key to growth in many financial market segments.
The Hispanic market has $1.3 trillion in purchasing power, a much higher dollar figure than any other minority group in the U.S. Plus, approximately 50% of Latinos own their homes, compared to 45% in 2014. One study predicts Hispanic home buyers will account for 70% of homeownership growth by 2040. Also, 93% of home improvement growth in Hispanics has come from entrepreneurs. This growth will continue as Latinos drive the growth in homeownership. How can your credit union assist with their burgeoning housing and wealth-building needs?
3. Hispanic people are the fastest-growing demographic online.
Online shopping has become more popular among Hispanics than non-Hispanics. On average, Latinos spend 57 minutes on social media every day, compared to 48 minutes for all Americans. They use Facebook and Twitter more than any other demographic, which shows this is the best way to market them. Consider how your credit union can meet them where they are with the products and services they need, and the credit union touch you can provide.
Getting ahead of these three trends will help your credit union’s success to serve the growing Hispanic population in the U.S. in 2022. Your Marketing Co. has the cultural and tactical expertise your credit union needs to develop and execute on your Hispanic marketing strategy needs. If you’re ready, let’s talk!