Latino Millennial Boosting the U. S. Economy
Just when corporate America started to get comfortable understanding how U.S. Hispanics respond positively to brand experiences, along comes the Hispanic Millennial. Sixty-five percent of all U.S. Hispanics are Millennials, ages 22 – 32, and, according to a Pew Hispanic Center research, they are quickly influencing media and advertising.
However, Hispanic Millennials are not all alike -- their cultural sensibilities, ethnic diversity, and their level of acculturation play a significant role in how they think and act. A recent research study by Ingenium, as reported by MMR, reveals these differences and similarities and points out that “when reaching out to this Hispanic segment, it is key to acknowledge their strong desire and need for acceptance, reassurance, and validation.”
Overall, the rapid growth of Latinos in our country will continue to have great implications to our economy as part of our workforce and as consumers. As per the U. S. Census Bureau, by 2050 there will be more than 102 million Hispanics in the U.S. Understanding that Hispanics will represent $1.6 trillion buying power by 2015, as per a Selig Center study, companies are taking steps to better understand how to tap into their buying power as well as the need to hire from within this valuable talent pool. A large segment of this Latino population is the Hispanic Millennial, which makes them a particularly important segment corporations need to tap into today and into the future.
While mainstream Millennials expect to move up the ladder to management positions within two years as stated in a recent national study, ”The Millennial Compass,” Hispanic Millenials tend to be more enduring. Influenced by their immigrant cultural background and history of fighting stereotypes, they value a job that provides opportunities for training and advancement and are willing to work hard to reach their dreams.
In reaching Latino Millennials as consumers and workers, companies need to keep in mind their sense of collectivism and cultural pride. By developing insightful and culturally relevant strategies, brands can connect with the present and future Hispanic market.
Comunicad has been leading the conversation on Hispanic PR for more than 25 years.
By Gloria Rodriguez,
President and CEO, Comunicad