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MARKETING TO HISPANIC MILLENNIALS - US - JUNE 2018

Published By :

Mintel

Published Date : Jun 2018

Category :

Lifestyle

No. of Pages : N/A

The Hispanic Millennial generation accounts for the largest share of the Hispanic population. Due to their significant influence on older and younger Hispanics, understanding Hispanic Millennials provide hints about the future direction of the Hispanic market as a whole.

Table of contents
OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
Overview
The issues
Hispanic Millennials make a positive balance of their lives so far
Figure 1: Hispanic Millennials’ satisfaction with different aspects of life, February 2018
Hispanic Millennials’ lives are not worry-free
Figure 2: Hispanic Millennials’ biggest financial challenges, February 2018
The opportunities
Innovating beyond the idea of family
Figure 3: Factors that make Hispanic Millennials unique, indexed to all, February 2018
Making Hispanic Millennials the heroes of their stories
Figure 4: Hispanic Millennials’ attitudes toward standing out or fitting in, by gender, level of acculturation, and household income, February 2018
Using social media to increase awareness
Figure 5: Hispanic Millennials’ attitudes toward social media, indexed to all, February 2018
What it means
THE MARKET – WHAT YOU NEED TO KNOW
Hispanics Millennials influence all Hispanics
Hispanic Millennials are bilingual and bicultural
English helps to level the field
Children and Hispanic Millennials go hand in hand
MARKET FACTORS
Understanding Hispanic Millennials drives the direction of the Hispanic market
Figure 6: Population, by Hispanic origin and generation share, 2018
More than one in five Millennials are of Hispanic origin
Figure 7: Distribution of generations, by race and Hispanic origin, 2018
Hispanic Millennials are bilingual
Figure 8: Language Hispanic Millennials speak at home, October 2016-November 2017
Figure 9: Language Hispanic Millennials prefer to speak, October 2016-November 2017
Hispanic Millennials are bicultural
Figure 10: Hispanics’ level of acculturation, by generation, February 2016
English is important to reach their full earnings potential
Figure 11: Self-reported household income, by Hispanic origin and language preference, October 2016-November 2017
Hispanic Millennials more likely to have children
Figure 12: Parent status, by Hispanic origin and age, October 2016-November 2017
KEY PLAYERS – WHAT YOU NEED TO KNOW
There isn’t a recipe to appeal to Hispanic Millennials
Negativity and political rhetoric can take its toll
Hispanic Millennials continue looking ahead
WHAT’S WORKING?
The right associations
Figure 13: New brands and styles at Walmart – Spanish-language commercial, March 2018
The right experience
Figure 14: Hispanic Millennials’ attitudes toward shopping, indexed to all, February 2018
The right brand
Figure 15: 2018 Toyota Camry: Thrill commercial, February 2018
Figure 16: 2018 Honda Fit Sport: Fun Surprises commercial, September 2017
Figure 17: Hispanic Millennials’ attitudes toward brands, indexed to all, February 2018
The right soundtrack
Figure 18: Hispanic Millennials’ use of digital music services, indexed to all, October 2016-November 2017
WHAT’S STRUGGLING?
Level of Negativity is prompting Hispanic Millennials to question things
Figure 19: Hispanic Millennials’ beliefs about the US, indexed to all Millennials, February 2018
Figure 20: Hispanic Millennials’ perception of current level of negativity, by parental status, February 2018
WHAT’S NEXT?
There is a need to slow things down
Figure 21: Hispanic Millennials’ future priorities, indexed to all Millennials, February 2018
More opportunities in entertainment, dining out, and personal treats
Figure 22: Where extra money is spent, indexed to all Millennials, February 2018
THE CONSUMER – WHAT YOU NEED TO KNOW
Hispanic Millennials attribute their uniqueness to family
Hispanic Millennials see the glass half-full
Hispanics tend to prioritize more immediate goals
Keeping the status quo is not an option for Hispanic Millennials
Hispanic Millennials want both the blessing and responsibility of having children
WHAT MAKES HISPANIC MILLENNIALS UNIQUE?
Family yes, but there is more
Cultural traditions, faith, food, and language are secondary
Figure 23: Factors that make Hispanic Millennials unique, indexed to all, February 2018
Figure 24: Factors that make Hispanic Millennials unique, by parental status, February 2018
Families have significant influence in Hispanic Millennials’ decisions
Figure 25: Factors that make Hispanics unique, by generation, February 2018
HISPANIC MILLENNIALS’ SATISFACTION WITH THEIR LIVES
Hispanic Millennials’ are satisfied with their lives
Optimism and contentment are Hispanic qualities
Contextualizing expectations makes a difference
Figure 26: Hispanic Millennials’ satisfaction with different aspects of life, February 2018
Figure 27: Difference of Hispanic Millennials’ and all Hispanics’ satisfaction in regards to different aspects of life, February 2018
Thinking about family, children make it tangible
Figure 28: Hispanic Millennials’ satisfaction with their family life, by key demographics, compared to all US Millennials, February 2018
Thinking about earnings, expectations matter
Figure 29: Hispanic Millennials’ satisfaction with their earnings, by key demographics, compared to all US Millennials, February 2018
Thinking about health, there is no need to change
Figure 30: Hispanic Millennials’ satisfaction with their health, by key demographics, compared to all US Millennials, February 2018
HISPANIC MILLENNIALS’ FINANCIAL CHALLENGES
Hispanic Millennials’ focus on short-term priorities may keep them unprepared
Figure 31: Hispanic Millennials’ biggest financial challenges, February 2018
Life stages define financial challenges
Figure 32: Hispanics’ biggest financial challenges, by generation, February 2018
The nature of financial challenges differs by level of acculturation
Figure 33: Hispanic Millennials’ financial challenges, by level of acculturation, February 2018
Hispanic Millennial renters are more likely to be cash strapped
Figure 34: Hispanic Millennials’ financial challenges, by home owners vs renters, February 2018
HISPANIC MILLENNIALS AND THE STATUS QUO
Hispanic Millennials don’t want to settle for average
Figure 35: Hispanic Millennials’ attitudes toward life, indexed to all, February 2018
Nothing ventured, nothing gained
Figure 36: Hispanic Millennials’ attitudes toward taking risks, by gender, level of acculturation, and household income, February 2018
Embracing who Hispanic Millennials are
Figure 37: Hispanic Millennials’ attitudes toward standing out or fitting in, by gender, level of acculturation, and household income, February 2018
Duality in Hispanic Millennials’ lives
Figure 38: Hispanic Millennials’ attitudes toward keeping family traditions vs creating new traditions, by gender, level of acculturation, and household income, February 2018
HISPANIC MILLENNIALS’ ATTITUDES TOWARD CHILDREN
Children – A blessing that comes with responsibilities
Figure 39: Hispanic Millennials’ attitudes toward having children, indexed to all, February 2018
iGens feel a lack a support; Millennials find it
Figure 40: Hispanics’ attitudes toward having children, by generation, February 2018
More-acculturated Hispanic Millennials are more pragmatic about having children
Figure 41: Hispanics’ attitudes toward having children, by level of acculturation, February 2018
Raising children is more expensive for more affluent Hispanic Millennials
Figure 42: Hispanics’ attitudes toward having children, by household income, February 2018
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Abbreviations and terms
Abbreviations
Terms
A note about acculturation

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