As a whole, Millennials are quickly stealing the spotlight from its predecessors, Gen X and Baby Boomers. Why? Because there are over 80 million of them now coming of age and moving into the workforce. This increased buying power is influencing their purchase decisions and driving major trends within the economy.
Of all Millennials nationwide, Hispanics comprise 21%, a statistic expected to rise to 23% by 2020. And within the U.S. Hispanic community itself, Millennials represent 25% of the population and make up the majority of all Millennials in cities like Los Angeles, Miami-Ft. Lauderdale and San Antonio.
But reaching this market isn’t just about the numbers, and relying on volume and skimping on value is still the worse possible way to reach them. I’ll tell you why.
Hispanics are a unique and diverse group.
I’ll concede that trying to understanding Hispanic Millennials is tough because while they share some similarities with the rest of their generation, they are a unique group, even when compared to other Hispanic segments and sub-groups.
Let’s look at the stats. Early results from the Hispanic Millennial Project, co-sponsored by ThinkNow Research and Sensis, shows that when compared to older Hispanics (35-64 years of age):
Hispanic Millennials also differ significantly from Non-Hispanic Millennials…
In contrast with Non-Hispanic Millennials, today’s Hispanic Millennials strive for the more traditional markers of success such as owning a home, buying a nice car and going to college.
And when U.S.-born and foreign-born Hispanic Millennials were compared, across the board, foreign-born Millennials seem to have what might be referred to as a more “traditional” or “conservative” belief system, showing in some cases as much as a 20% variance in their opinions toward topics like same-sex marriage and religion.
Language is and will always be a factor.
Cultural relevancy and the appropriate use of language in your marketing messages to the Hispanic market can make or break your attempts to attract their attention.
And specifically, if you want to advertise to Hispanic Millennials, then you better be prepared to communicate (TV, radio, internet, magazines) in both English and Spanish because, according to our study, 35% of them consume their media mostly or exclusively in English, 25% in Spanish, and 40% claimed English and Spanish equally.
U.S. Hispanic Millennials have their own distinct traits. Take the time to learn what they are and get in early while everyone else is still trying to figure it out.
By Mario Carrasco