Awareness of artificial intelligence (AI) has rapidly grown since the launch of ChatGPT in November 2022. Since then, a flurry of similar AI tools, such as Google Gemini and Microsoft Copilot, have emerged, each aimed at familiarizing consumers with the benefits of this technology. Although AI is not a new concept, its current applications are reshaping creative industries, communication, and the economy through automation and enhanced decision-making, influencing how we work, create and connect.  While many are excited by these changes, they raise concerns for others.

To better understand public opinion on AI, ThinkNow conducted a quantitative survey of a nationally representative sample of U.S. adults.  Our findings revealed both expected and unexpected attitudes toward AI. While widely seen as a useful tool, its adoption varies significantly across age, cultural, and racial/ethnic groups.  Let’s dive in! 

Download the report here.

Familiarity and Use 

Our research shows that AI technology is widely recognized and utilized across generations, except for Boomers. Gen Z is found to be the most familiar with AI, with 49% being very familiar and 38% being familiar. Interestingly, only 13% of Gen Z report being unfamiliar or very unfamiliar with the technology. On the opposite end of the spectrum, only 6% of Boomers report being very familiar with AI, with an overall understanding at 62%. They therefore lag significantly behind Gen Z, Millennials and Gen X. 

However, the extent to which AI is used isn’t equal among generational groups. Cultural/racial background seems to play a role. Our findings show that African Americans report the most familiarity, with 35% feeling “very familiar.” Asians are the next most familiar with the technology, with 33% total reporting strong familiarity. Hispanics (22%) and non-Hispanic whites (22%) report they are “very familiar” with AI. 

These findings highlight the generational and cultural disparities in AI familiarity, suggesting that while AI technology is increasingly recognized, its adoption and understanding vary significantly across different demographic groups. 

Use of AI in Daily Life 

Our findings also find that most respondents perceive that AI is currently being used in three primary areas: scientific research and analysis, daily life applications, and business productivity tools. Twenty-five percent of respondents report that the best use of AI would be in scientific research and analysis. This usage of AI is followed by daily tasks (customer service, scheduling, navigation, etc.) at 24%. Twenty-two percent report that AI should be used in business and productivity, followed by entertainment recommendations or games (18%), and a total of 11% of respondents suggest that they aren’t sure how the technology should be used (5%) or that the presented options do not apply (6%). 

Overall, our findings show that the public's understanding of AI is largely centered on its potential as a valuable tool and supportive resource. Sixty percent of respondents in the total market describe AI as a helpful tool or assistant. This is followed by 39% of respondents describing it as something essential for the future and 36% as an ethical tool for the use of information. A total of 36% of respondents report that AI is a machine that surpasses human intelligence, while 34% report that it’s complex data. Interestingly, only 34% of respondents perceive the integration of AI into daily life as a threat to privacy and only 22% report feeling that AI would threaten their employment prospects.

Thus, while overall perceptions are generally positive, many respondents report concerns about the technology. When compared to other generational cohorts, Boomers are most concerned about the ethical use of AI and the protection of personal information in the face of data collection. This finding is not surprising given this generation’s overall skepticism toward the technology, as we further demonstrate below. 

Acceptance, Education and Regulation

Approximately half of respondents report comfort with AI integration into daily life. Asians and African Americans report the most comfort with daily use of virtual assistants, while non-Hispanic Whites and Gen Z are the least likely to report feeling ‘very comfortable’ interacting with virtual assistants. Generationally, comfort with usage of AI-powered virtual assistants is most prevalent among Millennials (70%), followed by Gen X (52%), Gen Z (51%), and Boomers (39%). 

As AI becomes more ubiquitous, respondents report concerns with education about AI and call for increased government regulation of the powerful technology. Nearly 9-out-of-10 respondents emphasize the importance of AI education. African Americans report the most concern with education, with 62% saying education is “very important,” followed by Asians, with 61% of this demographic reporting the same. Sixty percent of Hispanics and 54% of non-Hispanic Whites say that education about AI is “very important.” The perceived importance of educating the public about AI increases with age. Seventy percent of Boomers think that education on AI is “very important,” followed by Gen X and Millennials. Gen Zers show lower levels of concern about AI education compared to other age groups, likely driven by their self-reported level of familiarity with AI.  

These numbers largely track with interest in regulation of AI. While 57% of Boomers believe AI regulation is very important, this figure drops to 48% among Gen X, followed by Millennials (43%) and Gen Z (39%). Asians are the least likely to consider regulation on AI development as very important, while African Americans are the most. Of all respondents, most identify tech companies (32%) and the government (30%) as the primary entities responsible for AI regulation. These entities are followed by independent bodies (14%) and international organizations, like the UN (9%).

However, 14% of respondents report being uncertain about how to allocate responsibility for regulation. When asked about the future of the technology, responses are almost evenly split. While the majority respond that they are optimistic (54%) or neutral (26%), 20% report feeling pessimistic. Overall, non-Hispanic Whites and Boomers report the most pessimistic outlook, while Hispanics report feeling the most optimistic. 

The Future of AI 

Our research reveals a complex landscape of AI recognition, familiarity and comfort, shaped by generational and cultural factors. While AI continues to grow in influence, the varying levels of adoption highlight the need for targeted education and thoughtful regulation to dispel detractors like conspiracy theories and prevent abuse.  Moving forward, addressing these disparities will be essential to ensure that AI becomes an inclusive and beneficial tool for everyone.

Download the report here.

The U.S. Hispanic market has evolved into one of the most significant and dynamic consumer segments for American businesses. With over 63.5 million Hispanics comprising 19.1% of the U.S. population, the demographic is both large and influential. Beyond sheer numbers, the unique cultural values, preferences, and trends within this group offer businesses immense growth potential. ThinkNow's "Hispanic Market Today" report explores how the Hispanic community is reshaping the demographic landscape and creating new opportunities for companies across industries.

Download the report here.

A Young and Growing Population

One of the defining characteristics of the Hispanic population is its youth. The median age of Hispanics in the U.S. is 30, considerably younger than the 44.5 median age of the non-Hispanic white population. This makes them one of the youngest ethnic groups in the U.S. and positions them as a critical audience for brands targeting long-term consumer loyalty.

In addition to its youthfulness, the Hispanic population is growing at an extraordinary rate. Approximately one million Hispanics are added to the population annually, driven by both immigration and higher-than-average birth rates. In contrast, the non-Hispanic white population is shrinking by around 500,000 individuals each year. As the white population declines, businesses must pivot toward multicultural audiences like the Hispanic market, which represents nearly one-fifth of the U.S. population and is growing.

Rising Economic Influence

The substantial size of the Hispanic population in the U.S. correlates with its growing economic influence. In 2024, Hispanic buying power is expected to reach $2.3 trillion, up from $1.95 trillion in 2020. By 2026, this figure is projected to grow to $2.76 trillion, accounting for 12.1% of total U.S. buying power. Hispanic spending growth is outpacing the U.S. market, with an annual growth rate of 8.6% compared to the national average of 5.5%.

This increasing economic clout presents a wealth of opportunities for businesses looking to tap into a consumer base that is larger than the entire Canadian economy. Hispanic consumers are highly optimistic about their financial future, with nearly half expecting their financial situation to improve in the coming year. This optimism translates into greater consumer confidence, driving demand across various sectors, including housing, education, technology, and entertainment.

Cultural Values Influence Identity     

To successfully engage Hispanic consumers, businesses must understand the cultural drivers influencing their behavior. Family, community, and education are deeply rooted values that guide decision-making for many Hispanics. For instance, the emphasis on family unity can be seen in larger household sizes—an average of 3.8 people per Hispanic household, compared to the U.S. average of 3.2.

Education is another key value that resonates with Hispanic consumers. Although only 18.8% of Hispanics hold a college degree, pursuing education is highly prioritized. For marketers, messaging around educational opportunities and products that support learning and personal development can resonate deeply with this audience.

A blend of traditional values and contemporary aspirations also influences Hispanic identity. The report highlights that Hispanic Millennials, particularly, embrace themes commonly associated with American pop culture, such as freedom and equality. This generation is more likely to value the ability to pursue their dreams and believe they have control over their futures, reflecting a strong alignment with broader American values while maintaining a distinct cultural identity.

Language and Biculturalism in the Hispanic Market

Language plays a central role in shaping the Hispanic identity in the U.S. While 75% of Hispanics report being able to hold conversations in Spanish, 84% are also fluent in English. This bilingualism within the Hispanic market reflects the unique bicultural experience of many Hispanics, who seamlessly navigate between two cultural worlds. Many identify more with their country of origin (e.g., Cuban, Mexican) when interacting with other Hispanics rather than broad terms like Hispanic or Latino.

For marketers, this biculturalism presents both challenges and opportunities. Brands that can authentically communicate in English and Spanish while respecting the cultural nuances of the Hispanic community are more likely to be viewed favorably. Catering to both Spanish-dominant and English-dominant consumers will help businesses capture the diverse segments within this market.

The Future of Multicultural Marketing

As the U.S. population becomes more multicultural, businesses should be adjusting their strategies to reflect this new reality. ThinkNow’s report reveals that 41% of the U.S. population is now multicultural, and among those under age 20, this figure jumps to 50%. Hispanics make up a significant portion of this younger, diverse population.

This demographic shift is leading to increased investment in multicultural marketing. Two-thirds of companies plan to maintain or increase their multicultural marketing budgets in 2024, with 40% of those increasing their spend citing the economic power of multicultural consumers as a key factor. While the Hispanic market has historically been a priority for marketers, many companies are expanding their focus to include other multicultural segments, such as African Americans and Asian Americans.

The report also notes that 1 in 4 marketers have changed their approach to multicultural marketing in response to shifting demographics, revised advertising campaigns, and updates to diversity, equity, and inclusion (DEI) initiatives. As the Hispanic community grows in size and influence, businesses prioritizing culturally relevant marketing strategies will be better positioned to connect with this important audience.

Conclusion

The Hispanic market in the U.S. is not only large and growing but also increasingly influential in shaping the U.S. economic and cultural landscape. Businesses must invest in the knowledge to understand this demographic in order to tap into the market’s potential. By investing in multicultural insights, marketers can create culturally resonant strategies that help companies build lasting relationships with Hispanic consumers and thrive in an increasingly diverse marketplace.

Download the report here.

Excitement is building for the Paris 2024 Summer Olympic Games as over 10,000 athletes from around the world prepare to showcase their incredible talents on this global stage. The City of Light will be teeming with fans and well-wishers who have traveled from near and far to watch and enjoy the Games. Those unable to attend can watch broadcasts on NBC and Telemundo, and networks like USA and the Golf Channel or stream the content on Peacock.

This year's Games are highly anticipated as they are the first full-capacity Olympics since the pandemic began. However, consumers’ media consumption habits changed significantly during the pandemic. To understand how audience engagement with the 2024 Summer Olympics might be impacted, ThinkNow conducted a quantitative research study among a nationally representative sample of U.S. adults.

Download the Audience Engagement: Paris 2024 Summer Olympic Games Report here.

Consumer Sentiment

The study revealed that a significant majority (68%) of U.S. adults plan to watch at least some of the Summer Olympics, marking a rise in enthusiasm compared to previous Games. This is particularly exciting considering fewer than half watched the 2022 Winter Olympics and 2020 Summer Olympics.

Asians (76%) expressed the most interest in watching this year’s Games, followed by African Americans (75%), Hispanics (74%) and non-Hispanic Whites (67%), demonstrating the growing diversity of U.S. viewers of this year’s Games.

Millennials (74%) are the largest generational cohort expressing interest in the Summer Olympic Games, followed by Gen X (71%) and Gen Z (68%). At 62%, Boomers show the least interest. That means that this year’s viewers will not only be more diverse but also skew younger, an important insight for brands looking to get in front of these influential groups.

Viewership

The study also uncovered distinct differences among various demographic groups in  viewership patterns. Overall, 31% of viewers plan to watch the Olympics every day, with African Americans (30%) and non-Hispanic Whites (29%) close to the average, while Asians show less daily viewership at 16%. A significant portion of the audience plans to watch the Games on most days, with Asians leading at 52%, followed by African Americans (46%), Hispanics (49%), and non-Hispanic Whites (44%). Asians (25%) are more likely to view the Olympics only on days when their preferred sporting events are on, compared to 21% of non-Hispanic Whites and 18% of Hispanics.

Motivations and Preferences

Consumers plan to watch the games for various reasons, with the primary motivations being a love for their favorite sports, a sense of patriotism and a desire to gain cultural understanding. Gymnastics appeals to all groups, with Asians showing the highest interest at 52%. Basketball is particularly popular among African Americans, with 59% expressing interest. Swimming attracts a higher percentage of Asians (29%) and non-Hispanic Whites (27%), while Track and Field is favored by African Americans (38%).

Baseball sees notable interest among Hispanics (23%) and non-Hispanic Whites (23%) despite not appearing at the Olympic Games this year. The sport returns for the 2028 Summer Olympics in Los Angeles. Beach Volleyball is most popular among non-Hispanic Whites (26%), whereas Boxing finds more favor among Hispanics (25%). Soccer is especially popular among Hispanics, with 35% expressing interest, significantly higher than other groups. The study also revealed varied levels of enthusiasm and engagement among different demographic groups and generations. Overall, 45% of respondents completely agree that watching the U.S. compete in the Olympics fills them with pride. This sentiment is strongest among Hispanics (53%) and Baby Boomers (57%), while African Americans (40%) and Gen Z (35%) show less enthusiasm. The anticipation for the Olympics every four years is high, with 34% of the total market expressing strong agreement, particularly among Hispanics (43%) and Baby Boomers (47%).  Thirty-nine percent of respondents view new sports like Surfing and Skateboarding favorably, with Millennials (47%) showing the most support and Boomers being the least enthusiastic (19%).

Learning about the culture of the host country is an appealing aspect for 43% of viewers, especially Gen Z (48%), although Asians (30%) and Boomers (26%) expressed less interest in diverse cultures. A significant portion of respondents, led by Hispanics (33%) and Millennials (35%), often go out of their way to watch their favorite Olympic events, with African Americans (17%) being less likely to do so.

The Olympics also serve as a family bonding occasion for 31% of viewers, particularly among Millennials (35%), though Boomers (20%) are less likely to share this view.  A significant portion of respondents plan to share Olympic content on social media, with Gen Z (28%) being the most active and Boomers (9%) being the least.

Media Consumption

Finally, different demographic groups and generations show notable differences in media consumption habits. Non-Hispanic Whites (45%) and Baby Boomers (54%) are more likely to watch the Olympics on NBC/traditional network TV compared to Hispanics (28%) and Gen Z (23%). Online streaming platforms such as Peacock and NBC.com are particularly popular among Asians (42%) and Millennials (49%), indicating a preference for digital consumption among younger audiences. In contrast, cable/satellite options like CNBC, USA Network, and Telemundo are favored by Hispanics (33%) and, to a lesser extent, by Baby Boomers (26%).   

A small percentage of viewers across all demographics are unsure about their viewing method, with Asians (6%) and Gen Z (7%) showing slightly higher uncertainty. These trends highlight the shift towards digital streaming among younger generations and the continued preference for traditional TV among older viewers.

Summer Olympics Key Takeaways

As technology continues to reshape how audiences engage with major events like the 2024 Summer Olympics, these findings underscore the importance for broadcasters and organizers to adapt their strategies to cater to consumers’ diverse viewing habits and preferences across different age groups.

Download the Audience Engagement: Paris 2024 Summer Olympic Games Report here.

At the recent Hispanic Radio Conference, I participated in a panel discussion where industry experts and enthusiasts gathered to ponder the future of Hispanic radio. The enthusiasm in the room was infectious, underscoring a collective belief that the industry is on the brink of a significant transformation. The key takeaway was clear: to capture the hearts and minds of Gen Z, Hispanic radio must innovate while staying true to its cultural roots.

Hispanic Radio Offers Cultural Connection

When Sirius Satellite Radio hit the airwaves in the early aughts, it disrupted traditional broadcast radio, and over the years, the technology has only improved. Consumers can now enjoy their favorite music genres on dedicated channels with clear reception and options to limit or eliminate ads entirely. However, what satellite radio lacks, broadcast radio excels in – longevity, real-time engagement and a strong community focus. In short, broadcast radio offers authenticity, and consumers are paying attention, particularly young multicultural consumers seeking authentic connections.

Many Gen Zers are gravitating towards platforms, like radio, that reflect the intersectionality of their cultural identities. According to the Pew Research Center, young Hispanics comprise approximately 25% of the Gen Z population in the U.S. This generation, deeply influenced by Latino culture, is embracing their heritage unapologetically, including those predominantly English-speaking—a notable percentage, according to Pew. Radio has a tremendous opportunity to engage this demographic on an accessible platform that meets them where they are culturally and economically. Broadcast radio is free.

Multicultural Gen Z Embraces Nostalgia

You only need to scroll through your TikTok feed to witness how deeply Gen Z embraces nostalgia. The same ’80s and ’90s songs that resonated with you in high school are now the soundtrack to today’s youth’s experiences. Among Hispanic youth, in particular, this nostalgia extends to the revival of traditional music genres like corridos. A joint study by Orci and ThinkNow revealed a remarkable surge in corrido popularity, with Spotify reporting a staggering 400% increase in regional Mexican music streams. This trend underscores a broader craving for connection and authenticity, values that Hispanic radio uniquely satisfies.

Radio stations can cultivate a loyal and engaged audience by leveraging popular tools like social media not just for promotion but as a platform for interactive video content and exclusive behind-the-scenes experiences. This approach aligns with research indicating that younger audiences prefer immersive media experiences beyond traditional formats.

Hispanic Radio Bi-lingual Strategies

The renewed interest in Hispanic Radio has led to new initiatives to serve the diversity within the Hispanic community. This includes integrating English-format shows featuring Spanish music, reflecting the bilingual and bicultural reality of many young Hispanics who effortlessly navigate between English and Spanish daily. By blending languages and cultural elements, radio stations can offer their listeners a more inclusive and relatable experience. However, this strategy presents both a challenge and an opportunity. Whoever pioneers this approach is poised to capture significant market share. Those who do not could be left behind.

Next Steps for the Industry

The data speaks volumes. The growing demand for Hispanic music genres like corridos reflects significant cultural shifts. Now is the opportune moment for Hispanic radio stations to embrace innovative strategies that amplify culture-forward programming, fostering a platform for cultural expression and community connection. Hispanic radio is more than a broadcasting medium—it is a cultural beacon for a generation eager to reconnect with their heritage and celebrate its identity.

This blog post was originally published on HispanicAd.

The marketing landscape is evolving, driven by the rapidly changing demographics in the U.S. Today's consumers are culturally diverse, tech-savvy, and vocal about their needs and wants. Among them, to be represented authentically in advertising. For marketers, this requires a change in the paradigm, a move beyond general marketing strategies to embracing a multicultural marketing approach. Its effectiveness, however, hinges on the quality of the data driving the decisions.

Enter contextual technology. This powerful tool allows marketers to delve into the nuances of cultural identity and consumer consumption habits, including understanding specific media channels, content preferences, and purchasing behaviors of multicultural audiences. This granular data empowers marketers to craft targeted digital advertising campaigns that resonate deeply.

Artificial intelligence has impacted advertising, adding another layer of complexity as marketers navigate its use, contending with hallucinations and exploring unconventional sources of consumer insights, like synthetic data. But AI also brings about opportunities. By leveraging machine learning and rich contextual data, marketers can create hyper-targeted campaigns that speak directly to diverse demographics, such as Hispanic, Black, AAPI or LGBTQ+ communities.

Ultimately, embracing multicultural marketing with the support of contextual technology isn't just about driving sales; it's about building a future where everyone feels seen and valued in the media they consume.

In this episode of The New Mainstream podcast, Tony Gonzalez, CEO & Co-Founder at Mundial Media, shares how contextual technology can build deeper connections with diverse audiences to drive brand engagement.

Hollywood once dominated the domestic entertainment market, while foreign content had its niche in art houses and with ethnic broadcasters. That era has ended, and the fastest-growing entertainment segments are now coming from Asia. From Korean dramas (K-Dramas) to Bollywood, anime, and pop music, Asian entertainment is experiencing an unprecedented boom. But this didn’t happen overnight. This genre’s rise has been a steadily growing cultural force that, in the TikTok era, has captivated Americans of all ethnicities and backgrounds.

But what's fueling this phenomenon, and how is it changing how we consume media? To delve deeper into the increasing popularity of Asian entertainment among American audiences, ThinkNow tapped into our online market research panels and conducted a nationally representative quantitative survey of 2,000 adults, yielding intriguing findings.

Download the report here.

Consumer Habits

The internet, particularly the explosion of social media platforms, has been a catalyst for the proliferation of Asian media. These platforms offer a constant stream of bite-sized content that transcends language barriers. Compelling snippets of Korean Pop (K-Pop) dance routines, Japanese anime and Bollywood films have ignited curiosity among American audiences.

Japanese anime and Korean dramas are the most consumed content by 46% and 40% of Americans, respectively, followed closely by Chinese movies, Korean music and Bollywood movies. Gen Z is leading in consumption, with 62% consuming Japanese anime, followed by nearly 50% of Millennials who are also anime fans. In music, K-Pop reigns supreme, with 34% of Gen Z listening. Women, in particular, are driving the growth of both K-Pop and K-Dramas in the U.S. Their consumption of these two forms of entertainment surpasses male consumption by 10 percentage points each.

Asian Entertainment’s Appeal

So, what exactly is drawing audiences in? The answer lies in the unique appeal of Asian entertainment. For Asian Americans, the connection might be rooted in heritage or family ties, while others discover it through organic exploration on social media or through word-of-mouth recommendations. For the mainstream audience, the allure is multifaceted. They are attracted to the addictive nature of K-Dramas, with 53% stating that the storylines hook them.

Streaming Platforms

Accessing Asian entertainment is a challenge for some consumers. While streaming services have contributed to the diffusion of this content, 20% of consumers face difficulties accessing it, primarily due to limited availability on some streaming platforms. Netflix, however, remains the leading platform for video content, while Spotify and YouTube Music dominate the music scene. The survey reveals an emerging trend of viewers subscribing to multiple platforms to satisfy their Asian entertainment needs. A considerable portion of consumers expressed willingness to pay for a dedicated Asian content streaming service, particularly among Gen Z. As more platforms add Asian content, its consumption will likely increase among other key demographics.

Viewership Trends

Plot and storylines are the primary drivers of viewership, followed by genre and recommendations. However, the most significant takeaway is the overwhelmingly positive perception of Asian entertainment's influence on the broader market. Viewers across various ethnicities and age groups reported a sense of cultural connection and appreciation for the positive values often portrayed.

The Takeaway

As Asian entertainment continues to expand its global reach and influence, it is becoming increasingly clear that it’s not a passing trend. Music groups like Korea’s BTS and BLACKPINK, and series like Squid Game and anime/manga/games from Japan like Dragon Ball, Pokémon and Naruto as well as popular content from China, India, The Philippines and Malaysia promote cross-cultural understanding and are poised to create a lasting legacy of positivity within the media landscape. The future of Asian entertainment looks bright, with content poised to continue captivating American audiences as its availability grows.

Download your free copy of the report here.

Marketers often fall into the trap of binary thinking, hindering creativity and clashing with consumers seeking fluidity. While the industry has struggled to embrace bothism – the concept of merging seemingly opposing approaches for better results – multicultural consumers in the U.S., particularly bi-cultural Latinos, have fully adopted it. Many see themselves as American and Latino, not half and half, but 200%, wholly embracing their American and Latino identities.  

Honing in on the financial services sector, let’s explore cultural bothism among bi-cultural Latinos through the lens of language, age, and income to gain insights that can inform financial institutions' strategies to engage this diverse consumer group effectively. 

Language: Spanish vs. English 

When discussing how to reach Latinos, language tends to be the most polarizing topic. Traditional Spanish-language media portrays all Latinos as Spanish speakers, while newer media platforms targeting younger Latinos suggest otherwise. However, recent Pew Research data reveals a nuanced reality: 75% of all Latinos can proficiently converse in Spanish. Yet, this percentage varies significantly across generational cohorts, with second-generation Latinos at 69% and third-generation Latinos at 34%. Considering the youthfulness of the Latino population, with 25.7% of U.S. children being of Hispanic origin, 32% of Hispanics being under 18 and 26% being Millennials, it's evident that targeting specific generational segments is crucial. For financial products, the language strategy should be tailored accordingly: 

For immigrants, Spanish remains a safe bet. For Gen Alpha and younger Millennials, English is preferable. For older Millennials and Gen X, Spanglish can be effective when used authentically, as research indicates its power.  

Age: Older vs. Younger Latinos 

Marketers often highlight the youthfulness of the Latino population, with the median age at 30 compared to 41.1 for non-Hispanics. However, this demographic is also rapidly aging, with the number of Hispanic adults aged 65 and older nearly tripling since 2000 and projected to quadruple by 2060. This dual demographic reality presents unique challenges and opportunities, especially in financial services.  

Caregiving in particular is a significant concern, as Latino caregivers face financial strain while balancing work and caregiving responsibilities for both children and elderly family members. Financial institutions can address these needs through resources like multigenerational retirement planning workshops, multilingual financial education materials, customized financial products, the promotion of government assistance programs, and the provision of culturally sensitive advisors.  

Income: High income vs. Low Income Latinos 

In addition to language and age, income must be considered. Hispanic households had a median net worth of $52,190 in 2020, significantly lower than the $195,600 median for non-Hispanic households. Despite economic challenges, many Latinos still view the U.S. as offering more opportunities and better healthcare access than their countries of origin. Our research, the Millennial project, found that over 71% of Millennial Latinos believe in the American dream, compared to 55% of non-Latino Millennials.  

Homeownership represents a cornerstone of the American dream for many Latinos. In 2023, the Hispanic homeownership rate reached 49.5%, with a net gain of 377,000 owner-households. While facing barriers like rising interest rates and low inventory, Latino homebuyers remain resilient, utilizing co-borrowers and specialized programs to achieve homeownership.  

Financial institutions can assist Hispanic homebuyer hopefuls through accessible homeownership programs, community outreach and education, multigenerational financial planning, cultural competency training for staff and accessible financial resources. 

Navigating Latino bothism in financial services goes beyond the scope of these three examples, yet they serve as a framework for fostering genuine connections with Latinos. Marketers within the financial sector must transcend binary thinking and embrace the nuanced duality within this diverse consumer base, understanding how factors like language, age, and income shape their perspectives. By doing so, financial institutions can effectively tailor their strategies to meet Latino consumers’ needs and build meaningful relationships that drive long-term success. 

This blog post was originally published on MediaPost.