A growing market in the United States.
August 3, 2020
Breaking the Latino migrant stereotype and exceeding the rest of the minorities in this country, Latino millennials have become a growing audience in the US market. They are owners of a cultural duality that makes them have particular needs but with consumption habits adaptable to the environment in which they live.
Also immersed in a digital world, these consumers prefer online shopping, they are willing to undertake; they are part of the first or second generation from Latin America and the Caribbean. They prefer to search in English; drink twice as much coffee in Starbucks that the rest of the Americans are a new engine in the real estate sector. In the words of Díaz-Asper in an interview for the BBC, they have the power to transform the country’s economy.
Although the world is going through a unique situation due to the expansion of COVID-19 and the social dynamics have changed, we can continue to imagine some of the activities that the routine of a Latino millennial includes. This group listens to music on Spotify, asks for addresses for lunch, watches a series on Netflix, among many other consumption habits, to which this growing market is adapting.
15 million Latino millennials are representing 60% of Latinos in the United States.Average age between 24 and 37 years old.
They are mainly found in Florida, Texas, California, and New york.
According to Fortune magazine in Spanish, “Hispanic families earning more than 50,000 per year increased between 2009 and 2014 (13%). It still doesn’t compare to the $ 60,256 a year the ‘white working family’ earns on average; but contrary to President Donald Trump’s rhetoric, Latinos have proven to be hardworking and productive.” In other words, the purchasing level increases more and more; therefore, its market share.
We know that the Hispanic market is crucial for the growth of its population and its contribution to the economy and sets trends. They require new products and formats, which represents an opportunity for growth and diversification. The challenge is to understand and find the best way to communicate with this audience.
Such is the weight of the Hispanic market, that brands have had to change entire strategies towards a multicultural approach.
At CPC, connecting Latinos is what moves us.
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