If your product, service, or nonprofit mission targets Millennials, you'll want to learn more about the Hispanics who make up 40% of this demographic.
They are a driving force especially since 80% of the U.S. population growth between 2015 and 2020 will come from minorities - with Hispanics accounting for just over half of this growth!
According to the Marketers Guide to Hispanic Millennials from Viant, "Advertisers must take a multifaceted approach to reaching this diverse audience and tapping into their bicultural identity."
Let's look at the characteristics and behaviors of this group to help you develop your targeted marketing strategy.
Importance of Family
- Hispanic Millennials are 35% more likely to have children under 18 living in their household. And, two out of five Hispanic Millennials live with their parents.
- This means that the influence of family is especially strong when it comes to purchasing decisions. (74% are more likely to be persuaded on product purchases by their children compared to non-Hispanics, 28% more likely to be influenced by other family members, and whether they can use a smartphone or store card coupons.)
- This also indicates the need to market to these family influencers, too, with some advertising in Spanish to demonstrate that your brand is invested in their culture.
- The study also recommends that companies focus on the importance of family to account for the impact one generation will have on the next when it comes to purchase decisions.
- Hispanic Millennials still fall slightly behind non-Hispanic Millennials in all income categories, and are 27% less likely to have an income greater than $125k.
- Offer coupons and discounts to Hispanic Millennials. (92% of Hispanics use coupons, and 81% decide where to shop based on whether they can use a smartphone or store card coupons.)
- Because Hispanic Millennials are heavy users of both mobile and social, engage this group with deals delivered to their devices.
- Hispanic Millennials are a digital-savvy group, increasingly embracing mobile and social media platforms. They have a big presence on social media, showing the highest affinity for Twitter and Instagram, versus non-Hispanic Millennials.
- They log on several times during the day to these networks: 6 times on Facebook, 3 times on Instagram, twice on Twitter, and once on Pinterest.
- If you want to connect with this audience, look to these platforms to promote your messages
- Take a multifaceted approach to language
While Hispanic Millennials tend to be bilingual and are predominantly native-born, a significant 37% of Hispanic Millennials were born outside of the U.S.
- Hispanic Millennials have lower household incomes, but great purchasing power
One way brands can cater to Hispanic Millennials is by offering coupons and discounts.
- Family is paramount to creating a cultural connection
Companies that focus on the importance of family can find new ways to connect with this audience.
- Embrace social media
Brands that want to connect with this audience must build up the linguistic and cultural knowledge to effectively communicate across social media networks.
If you’re interested in Hispanic Millennials’ preferences on beauty product purchasing, mobile carriers, beer, vehicles, television shows, and politics, you can download the Viant study here.