One of the communities most affected by Covid-19 has been the Latinx. Aside from being hit with higher mortality rates by the pandemic, many individuals were not financially prepared to face it. This is not just bad news for Hispanics but for the entire country, considering that last year this group was estimated to have a purchasing power of $1.7 billion (10 percent of the U.S. total).
“This tells us that coronavirus will have a fierce impact not only on the Hispanic community but on the economy of the entire country,” said Jovanny Martinez, Senior Hispanic Marketing Manager at Avocados From Mexico (AFM).
Martinez participated in the virtual panel COVID 19: How the Crisis is Affecting the Latinx Population,
organized by Energy BBDO of the Omnicom Group and chaired by EVP Carla Eboli. The discussion also included Liz Gruszkievicz of the American Egg Board and Yesenia Bello, SVP of multicultural sales at iHeartMedia.
All agreed the pandemic will change the life and consumer habits of this demographic. In that sense and looking forward to the post-pandemic stage, Gruszkievicz forecast that this summer will be different. Along with the canceling of events, Latino consumers will have less to spend, their focus will be fixed more on family and friends, and each will contribute to their get-togethers with food and drink. For her part, Bello, who has witnessed how streaming and podcasts have soared during the pandemic, believes there will be a greater focus on health and that people will seek to simplify their daily routines, have a pleasant summer and just enjoy life.
According to Martinez, it will take time for Hispanics to return to normality: "I think this will be due to the fact that everything the media has said has been negative." However, even though getting used to the new normal will be difficult, the executive asserted that Hispanics are a resilient community and will gradually emerge from this crisis. She added that economically the pandemic will have an impact not only on Hispanics but will be at a general level, and all businesses will have new rules and new procedures for getting the situation under control.