2023
9
US Marketing to Hispanic Gen Z Consumer Report 2023
2023-07-20T03:04:20+00:00
REP8B78B020_DF8D_426F_82D7_8E76BCD9EDBC
3695
165107
[{"name":"Marketing and Advertising","url":"https:\/\/store.mintel.com\/industries\/marketing-advertising"},{"name":"Market Intelligence Reports","url":"https:\/\/store.mintel.com\/report-type\/market-intelligence-reports"},{"name":"US","url":"https:\/\/store.mintel.com\/markets\/us-market-research"}]
Report
en_GB
“Hispanic Gen Zs are in need of guidance reaching their goals as they are impacted by current financial uncertainty and anxious about establishing their financial footing but still strive for…
US
Marketing and Advertising
simple

US Marketing to Hispanic Gen Z Consumer Report 2023

Market Intelligence ReportsMarketing and AdvertisingUS

This Report Discusses the Following Topics

  • Life satisfaction and current outlook
  • Expected achievements by age 30 and long-term goals
  • Current priorities and stressors
  • Self-confidence and attitudes toward achieving future goals

Meet the Expert

This report, written by Stefanie Kundakjian, a leading research analyst, delivers in-depth commentary and analysis to highlight trends and add expert context to the numbers.

“Hispanic Gen Zs are in need of guidance reaching their goals as they are impacted by current financial uncertainty and anxious about establishing their financial footing but still strive for major milestones – like buying a home – by the time they turn 30. Though their current focus is on their careers and wellness, they are less likely than older Hispanic consumers to feel in control of their lives and thus would benefit from offerings that help motivate them to stay the course. Creating ways for them to celebrate small wins will work to boost self-confidence as the strain of the uncertainty is taking a toll on their mental wellness.”

Stefanie Kundakjian, Research Analyst

Stefanie Kundakjian
Multicultural Consumer Insights Analyst, Hispanic Focus

 

Collapse All

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • Market context

  2. Executive Summary

    • Top takeaways
    • Consumer trends
    • Hispanic Gen Zs’ life satisfaction is encumbered by feelings of anxiety and frustration
      • Figure 1: Sentiment toward life right now, Gen Z vs overall, 2023
    • Home ownership is a top priority for Hispanic Gen Zs
      • Figure 2: Expected achievements by age 30, Gen Z, 2023
      • Figure 3: Top priorities right now, Gen Z vs overall, 2023
      • Figure 4: Attitudes toward self-confidence and feeling in control (agree), Gen Z vs overall, 2023
    • Current opportunities and strategies
    • Deliver value beyond price by focusing on overall wellness
    • Help Hispanic Gen Zs take control of their finances by creating attainable goals that lead to achievable future plans
      • Figure 5: Northwestern Mutual, 2023

  3. Hispanic Gen Z Demographics and Market Factors

    • Hispanics are a vastly diverse demographic and a growing segment
      • Figure 6: Distribution of generations, by race and Hispanic origin, 2023
    • Over one in four Gen Zs are of Hispanic origin
      • Figure 7: Population, by generation, 2018-28
    • Despite tighter budgets, Hispanics remain hopeful about their financial outlook
      • Figure 8: Financial Situation in the past 12 months, Hispanic consumers, November 2022 vs May 2023
      • Figure 9: Expected ffinancial situation in the next 12 months, Hispanic consumers, November 2022 trended to May, 2023
      • Figure 10: Household income distribution of Hispanic Gen Zs, by household income, 2023
    • Hispanic Gen Zs are rebuilding from workforce disruption due to COVID-19
      • Figure 11: Unemployment rate of Hispanics, by age, 2018-22
      • Figure 12: Unemployment rate, by age, 2018-22
    • Softening consumer demand despite steady consumer confidence
      • Figure 13: GDP change from previous period, Q1 2007-Q1 2023
      • Figure 14: Consumer Sentiment Index, 2007-23

  4. Competitive Strategies and Market Opportunities

    • Meeting consumer needs through the lens of the Identity Trend Driver
      • Figure 15: farfetch, 2023
    • Meeting consumer needs through the lens of the Value Trend Driver
      • Figure 16: CVShealth, 2023

  5. Hispanic Gen Z – Fast Facts

  6. Life Satisfaction and Current Outlook

    • Anxiety and frustration detract from life satisfaction amongst Hispanic Gen Zs
      • Figure 17: Overall satisfaction with life, Gen Z vs overall, 2023
      • Figure 18: Sentiment toward life right now, Gen Z vs overall, 2023
    • Consider ways to lift moral morale by creating relatable connections
      • Figure 19: NikeLA partnership with People’s Yoga, 2023
    • Hispanic Gen Z women need help as anxiety eats into life satisfaction
      • Figure 20: Overall satisfaction with life, Gen Z women vs Gen Z men, 2023
      • Figure 21: Sentiment toward life right now, Gen Z women vs Gen Z men, 2023
      • Figure 22: Indeed Latinas own the table event, 2022

  7. Expected Achievements by 30

    • Homeownership is a key goal for Hispanic Gen Zs
      • Figure 23: Expected achievements by age 30, Gen Z, 2023
      • Figure 24: Northwestern Mutual, 2023
    • The focus on starting a family is much greater for Gen Z women than men
      • Figure 25: Expected achievements by age 30, Gen Z women vs Gen Z men, 2023

  8. Current Priorities and Stressors

    • Career is a top priority though wellness and relationships are focus areas
      • Figure 26: Top priorities right now, Gen Z vs overall, 2023
      • Figure 27: Top areas of stress right now, Gen Z vs overall, 2023
      • Figure 28: Apprenti Facebook post, 2023
    • Gen Z women prioritize family, Gen Z men prioritize physical fitness
      • Figure 29: Top priorities right now, Gen Z women vs Gen Z men, 2023

  9. Self-Confidence and Attitudes Toward Achieving Future Success

    • Mental wellness support is necessary, as Gen Zs are softer on self-confidence and feeling in-control
      • Figure 30: Attitudes toward self-confidence and feeling in control (agree), Gen Z vs overall, 2023
    • Gen Zs believe in hard work but are struggling to envision a clear path for their future
      • Figure 31: Attitudes toward achieving future success and perceived impact of the pandemic (agree), Gen Z vs overall, 2023
      • Figure 32: Suma Wealth, 2023
    • Providing encouragement through challenging times will keep them motivated
      • Figure 33: Luz Media Instagram post, 2023

  10. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Abbreviations and terms

Market Intelligence Made Easier With Mintel

The first Mintel Market Intelligence report was published over 50 years ago. Since then, we have provided our unique insights and understanding of consumers, innovation and global markets to thousands of customers worldwide. Here’s why our customers rely on Mintel:

  • Gain a comprehensive, 360-degree view of the market: Mintel reports blend consumer research, market forecasts, product innovation tracking, and competitive analysis, allowing businesses to see every angle of their industry and identify new opportunities quickly.
  • Make decisions with confidence, grounded in robust data: Each report draws on up-to-date, reliable information from trusted sources and industry experts, ensuring your strategies are based on solid evidence rather than speculation.
  • Benefit from expert analysis and practical recommendations: Mintel’s reports are written by experienced analysts who interpret complex data and provide clear, actionable insights you can trust to guide your next moves.
  • Stay ahead with actionable intelligence on market trends and consumer behaviour: By combining fresh research with long-term market monitoring, our reports help businesses anticipate changes and adapt strategically. So you’re prepared to make informed decisions and drive growth.

What goes into a Mintel Market Intelligence Report?

Curious about how a Market Intelligence report comes together? We like to think of it as building a detailed puzzle. We start with individual pieces: data from consumers, market statistics, industry trends, and online conversations. Then our expert analysts add world-class human insight and industry knowledge. The pieces are assembled to reveal a clear, comprehensive picture of a market.

The Four Pillars of Our Research

We use a combination of four main research methods when creating our reports, each adding a valuable perspective:

  • Consumer Research: Direct surveys with real people, giving us clear, current insights into what people think and do.
  • Desk Research: In-depth review of trusted data sources. We use this rich database, plus powerful internal tools that track new products and market sizes, to detect trends and guide forecasts.
  • Trade Research: Insights from conversations with industry experts. Their real-world experience helps us understand what’s happening behind the scenes.
  • Brand and Social Media Research: Analysis of online opinions and trends. This lets us spot trends, measure brand sentiment, and capture feedback in real time, adding further depth to our research.

Bringing It All Together

Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.

Our expert analysts are skilled in weaving these diverse data streams together. They apply a range of quantitative and qualitative analysis techniques to uncover the deeper story, connecting the dots to deliver clear, actionable insights. This comprehensive, multi-layered process is how we transform raw data into a market intelligence report you can trust to inform your most important business decisions.

For a closer look at a Mintel Market Intelligence Report, take a look at the sample PDF report below:
Please Note: All of the figures, graphs, and tables in this sample report have been redacted.
£ 3,695 (Excl.Tax)
  • Download today with instant access
  • Multiple formats provided
  • Interactive databook included
Add to cart
Report Brochure Methodology Talk to a Reports Specialist

Next Starts Here

Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.

Learn more

Trusted by global industry leaders

Abacus logo

There is no question that Mintel is the go-to resource for the best quality market research, but I did not think it was an affordable option for Abacus Marketing to consider. As a small marketing agency, we only work with a few new clients each year.

However, we have a very high-end consultative approach to our work, so we really do need a partner like Mintel to provide the big agency experience we are always aiming to deliver. Our clients come from an incredibly diverse range of industry sectors, so we obviously need access to market research reports from a very wide spectrum of marketplaces – and that is precisely what we got.

Stephen Taylor-Brown, Managing Director, Abacus
VML logo

We use Mintel to inform our thinking and reinforce strategy. If you’re presenting new ideas, it’s essential they are underpinned by robust data and evidence, and clearly rooted in fact.

Mintel gives us all that. It’s a great brand and one that is trusted by clients.

Marie Stafford, European Director, The Innovation Group, VML
Wincanton logo

When I’m investigating specific sectors I tend to use Mintel reports for their forecasting, which I’ve always found to be very accurate.

They also offer really broad and deep coverage in their reports. They are very, very detailed. For example, we were able to gain insight across a wide range of business areas from just one report, proving that Mintel is excellent value for money.

So overall, it’s the level of detail and the quality of forecasting that really stand out for me.

Rebecca Green, Market Insight Manager, Wincanton
Deutsch logo

One of the biggest challenges we face is the need to get smart on a business or category real quick.

We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.

We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.

Jeff White, Business Development Director, Deutsch
Jackman logo

At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.

Alana Gavin, VP Research and Insights, Jackman

Next Starts Here

Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.

Learn more