ThinkNow Research is proud to be the co-sponsor (along with Sensis) of a new ground-breaking initiative – the Hispanic Millennial Project – that delves into the lifestyle, beliefs and behaviors of 18-34 year old U.S. Hispanic consumers. This unique initiative is divided into five distinct phases over the next 12 months, with this blog post exploring the findings in Phase 1.
Perhaps no other demographic group holds the potential influence and buying power of this segment of the Hispanic community:
Trying to understand Hispanic Millennials is a little like “herding cats.” They are a unique group when compared to other Hispanic segments… and even amongst themselves, there are dramatic differences in the sub-groups.
For example, when compared to older Hispanics (35-64 years of age):
Hispanic Millennials are more positive in their overall outlook.
Interestingly, they are more aligned with their Hispanic heritage.
Hispanic Millennials also differ significantly from Non-Hispanic Millennials…
They are more optimistic.
And as part of their “American Dream”…
Where it gets even more interesting is within the group itself – comparing U.S.-born to foreign-born Hispanic Millennials. Across the board, foreign-born millennials seem to have what might be referred to as a more “traditional” or “conservative” belief system.
Why the disparity? We’re not entirely sure… but for those companies that want to connect with Hispanic Millennials, understanding that there are two clear subsets within the group will help with communicating to them.
Want to advertise to Hispanic Millennials? Then be prepared to communicate (TV, Radio, Internet, Magazines) in both English and Spanish. According to our study:
As you can see, U.S. Hispanic Millennials are a “unique bundle!” And they are just now entering the best parts of their careers… their peak earning years. Understanding them, effectively communicating with them and being sensitive to the cultural differences can help you connect with this profitable group.
Please click the link below to download the details of the Hispanic Millennial Project/Phase 1. Future phases will include Healthcare: Behaviors, Motivations and Attitudes; Segmentation; Banking/Financial Services Behavior; and Points of Tension.