Page 4 - Synchrony US Hispanic Market Playbook

INTRODUCTION

The rapidly changing marketplace landscape has driven a significant shift in the
relationship between brands and consumers. Today’s consumers are more in control
of their shopping experience and brand choices than ever. It is important to
understand that the consumer landscape has and continues to change as well.

The 2020 U.S. Census revealed that America is much more racially and ethnically
diverse than we thought in 2010 and is steadily growing towards greater cultural
diversity. This presents both significant challenges and opportunities. Brands that
deeply understand multicultural Americans will be well-positioned to connect with
consumers across diverse segments. Race and ethnicity have become exceptionally
important to Americans’ identity. There is a heightened sense of pride that permeates

how they behave, the causes they aligned with and the brands they choose.

With a population of over 62 million and over $1 trillion in buying power, Hispanics are
at the forefront of that growth, yet, despite their massive influence, brands dedicate
only a fraction of marketing and advertising budgets to this important audience,
leaving dollars on the table and making this segment a tremendous untapped
opportunity.

Engaging this important source of growth means understanding this segment at a
deeper level, beyond demographics and language. The key is in the details that
demonstrate your brand respects and embraces their culture and their unique needs.
This playbook’s purpose is to provide a deeper look into this audience and detail in the
context of relevant areas to help you:

 Understand the importance of addressing Hispanics in your marketing efforts

 Know who they are, what is important to them, and where you can find them

 Have a baseline understanding on how to best connect with this segment of the
population.

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