While many will be innovative and successful, brands can easily fall victim to playing into stereotypes and missing the mark when trying to communicate with this audience. For some cringe worthy examples from big name brands such as Coffee Mate, the EPA and Coca-Cola, check out this article from BDCwire.com.
There is no need to debate over the consumer buying power of US Hispanics; the estimates have been in the billions and trillions of dollars. Instead, we need to focus on how to authentically engage with this group to bring your products or services to the forefront of the audiences’ attention. To do this, we must understand the nuances of this unique group of people. The largest and most influential population within the US Hispanic demographic is the Millennial population. They continue to grow and influence while still maintaining distinct consumer patterns and diversity among themselves.
Here are five demographic factors to consider when reaching the US Hispanic Millennials and Xennials:
- Growth: According to the Pew Research Center analysis of U.S. Census Bureau data, about one-third, or 17.9 million, of the nation’s Hispanic population is younger than 18, and about a quarter, or 14.6 million, of all Hispanics are Millennials (ages 18 to 33 in 2014). Therefore, the number of Hispanic Millennials will continue to grow but there are opportunities for current engagement.
- Generational Diversity: As this population sector continues to grow, it will diversify. We are already beginning to see the dramatic differences between younger and older Millennials, or Xennials. According to a recent study by The Innovation Group, a part of J. Walter Thompson Intelligence company, a platform for global research, innovation and data analytics, Xennials are the in-between generation. The youngest members of generation X are just over 40, and older Millennials are over 30. This unique demographic cross-section is emerging with defined consumer trends, motivations and experiences.
- Shifting Priorities: Despite the vast diversity, there are some common consumer patterns across this age group. Many Millennials born between 1981 and 1996 are buying their first home or starting families. I can personally attest to this as a US Hispanic Millennial, I got married last year and bought my first home shortly after. I see how my own buying patterns are swaying from personal items to more ‘adult’ things – buying furniture or home warranty packages. And I can see how they will continue to evolve as we look towards starting a family in a couple of years.
- Evolving Roles: Millennial and Xennial parents are focused on good parenting, while still wanting to break gendered stereotypes and maintain their own passion and identity. Contrary to popular belief, the gender roles within Hispanic parenting couples ebb and flow. Millennial Latinas are becoming very career oriented, while the father’s take on more home responsibilities. This is an important tip when considering marketing to this population.
- Tight-Knit Families: Something that is unique to the Hispanic culture, even though we are starting families, is that we are still very connected to our parents and grandparents and their consumer trends. US Hispanics live in multigenerational households and still rely heavily on the guidance of their family and friends.
Stay tuned for a future post from me that will dive deeper into the multigenerational household dynamic and how to market to US Hispanic Millennials. This will also include how receptive Hispanics are to advertising, best practices for reaching them, and how to get your foot in the door with the other demographics within the Hispanic population.
Can’t wait? Reach out to us and we can start the conversation sooner!