We all know that you have to consider not only demographics, but also psychographics when it comes to marketing your business. That’s why “Millennial marketing” has become such a hot topic. But the influx of Latino/Hispanic culture provides an additional segment to consider, and the statistics bear this out.
Hispanics make up 27 percent of Millennials in this country — in fact, 42 percent of the total U.S. Hispanic population are Millennials, according to Target Latino based on 2010 Census data. And that’s not all.
Maria Cristina Garcia, professor of Latina/o studies at Cornell University, New York explains: “As the economy has improved, Latinos — like all Americans — have demonstrated greater buying power. However, their potential is yet untapped… If conditions in this country facilitate upward mobility, their buying power will increase.”
Some marketing firms estimate that Latino spending power could climb to $2.5 trillion in the next five years. But before you hire a translator, here are some things you should know about marketing to Hispanic Millennials.
- They live biculturally, while maintaining strong ties to their ethnic heritage. Meaning: they watch and respond to television and advertising in English, yet they identify culturally as Latino.
- Family and community are highly valued and respected, and a significant number contribute financially to household expenses.
- Among Hispanics, the annual household income bracket of $50,000 and $99,000 holds 40 percent of Hispanic spending power.
- Like the general Millennial population, which uses smartphones for shopping, they are also just as influenced by mobile.
- They care more about product selection than price. When asked what online retailers can do to make them more likely to complete purchases, 50 percent of those aged 18 to 34 chose “increase product selection.”
Marketing to Hispanic Millennials is definitely a strategy your business should consider. Through custom design solutions, colorful point-of-purchase tags and signs, and data-driven sales tactics, Bacompt can help you reach and retain Hispanic Millennials to strengthen your brand.