2022
9
US Marketing to Hispanic Millennials Market Report 2022
2022-09-01T04:02:17+01:00
OX1102897
3695
155311
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Report
en_GB
“Even in this current economic environment, Hispanic Millennials are optimistic about their financial futures, reflecting a resilient mindset – though there is a clear focus on establishing a solid financial…

US Marketing to Hispanic Millennials Market Report 2022

£ 3,695 (Excl.Tax)

Description

This report provides comprehensive and current information and analysis of marketing to Hispanic millennials including marketing to Hispanic millennials market size, anticipated market forecast, relevant market segmentation, and industry trends for the marketing to Hispanic millennials market in the US.

Current market landscape

Millennials are currently the largest generation in the United States, making up 21% of the population. At 63.5 million people, Hispanics in the US represent 19% of the total US population. At almost 16.5 million, Hispanic Millennials account for 25.9% of the entire US Hispanic population. Hispanic Millennials have faced economic downturns earlier on in life and are applying the lessons from the past to fix the damages and future-proof their finances.

Market share and key industry trends

  • Hispanic Millennials have a positive outlook that needs to be supported. Hispanic Millennials are a resilient segment, holding a positive mindset towards the future of their financial situation despite facing challenges like higher rates of job losses during the pandemic. A positive mindset has helped them weather through difficult times and will need to be sustained to navigate through the current economic challenges. Leaning into budget-friendly products and services that encourage the appreciation of the current moment will play a role in helping to support this sense of optimism.
  • Millennial women need help building a solid financial base. Establishing financial footing is a priority for Hispanic Millennials. Women of this segment are facing an uphill battle as they are more likely to feel financially strapped while also prioritizing debt reduction and paying for their children’s education. Naturally, this makes saving money and building good credit more of a challenge, leading them more likely to turn to multiple streams of income to build wealth. While this means that discounts will resonate with the segment, it is clear that the segment will also benefit from tools and guidance to boost financial knowledge.
  • The definition of luxury is shifting, opening the door to a wider range of treats. A more conservative mindset towards spending does not mean there’s no room for treats – particularly when 76% of Hispanic Millennials feel that luxury does not always have to mean expensive. This opens the door for companies and operators not traditionally associated with luxury to promote purchases or services as affordable ways to “treat themselves.” Small splurges to celebrate small wins may be just what they need to get a momentary bit of positivity.

Future market trends in marketing to Hispanic millennials

With uncertainty continuing to loom, the segment needs guidance to make informed choices for their finances while also focusing on their mental and physical health. While these are arduous times, Hispanics are also acutely aware that cuts to their discretionary spending are not completely prohibitive, but rather regenerative to their long-term goals. Reassurance that they are doing the best they can during these unprecedented times will help them maintain a hopeful outlook for the future.

Read on to discover more about marketing to Hispanic millennials, read our Hispanics and Media Consumption – US – 2022, or take a look at our other Hispanic research reports.

Quickly understand marketing to Hispanic millennial consumers

  • Perceived financial health.
  • Top financial goals and methods of building wealth.
  • Defining value: preference for discounts vs loyalty rewards and paying more for high quality products.
  • Preference for shopping online vs in-store.
  • Attitudes towards luxury.
  • Satisfaction with life.

Covered in this Hispanic consumers market report

Brands include: Headspace, Starbucks, Colgate, Lidl, Telemundo, Suma, Sequin, Sofi, Patagonia, Vosges, Petz, Fair Play, GOG.com, P&G, Home Depot, Whole Foods.

Expert analysis from a specialist in the field

This report, written by Stefanie Kundakjian, a leading analyst in the Multicultural Consumer sector, delivers in-depth commentary and analysis on Hispanic millennials market research to highlight current trends and add expert context to the numbers.

Even in this current economic environment, Hispanic Millennials are optimistic about their financial futures, reflecting a resilient mindset – though there is a clear focus on establishing a solid financial base. The concept of ‘value’ and associated value propositions are shifting, opening the door for businesses to connect with the audience beyond just cost. For instance, physical experiential aspects of in-store shopping are now more “of value” amongst those who spend more time online and have missed out on in-person gatherings. Similarly, an increased focus on mental wellness alongside the notion that luxury does not always have to be expensive opens the door for small splurges on products and brands not traditionally associated with splurging to be a way to “treat themselves” or to be something to be savored. Having said this, the Hispannic Millenial population segment is spread across various lifestages, which requires marketing to this demographic in targeted ways that do not flatten these differences, but rather, utilize their differences to market in an authentic way.
Stefanie Kundakjian, Research Analyst
Stefanie Kundakjian
Multicultural Consumer Insights Analyst, Hispanic Focus

Table of Contents

  1. Overview

    • What you need to know
    • Key issues covered in this Report
    • Definitions
    • Market context
    • Economic and other assumptions
  2. Executive Summary

    • Top takeaways
    • Market overview
    • Hispanic Millennials are a sizable and influential population
    • Inflationary conditions are a top concern
    • Opportunities
    • A positive outlook helps to weather difficult times – brands can help support this
      • Figure 1: Current financial situation, Younger vs Older Hispanic Millennials, 2022
    • Hispanic Millennials are seeking affordable luxury – foodservice providers are well positioned to cater to this
      • Figure 2: Attitudes towards luxury and dining experiences, 2022
    • The in-store experience is valued by Younger Millennials – make deal hunting in-stores an interactive component
      • Figure 3: Preference for shopping in-person vs online, Younger vs Older Millennials, 2022
    • Challenges
    • Hispanic Millennials see that quality comes at a cost
      • Figure 4: Preference for buying more expensive higher-quality items vs less expensive average quality items, 2022
    • There is a very real need for a break for Hispanic Millennial women
      • Figure 5: Perceived financial health, Millennial Hispanics overall vs Millennial Hispanic women vs Millennial Hispanic men, 2022
    • Key consumer insights
  3. Hispanic Millennial Demographics

    • Millennials make up a quarter of the total Hispanic segment
      • Figure 6: Population by Hispanic origin and generation, 2021
      • Figure 7: Distribution of generations by race and Hispanic origin, 2021
    • Hispanic Millennials are a diverse demographic
  4. Market Factors and Current Opportunities

    • Inflationary conditions are a top concern for Hispanic Millennials
      • Figure 8: Millennial Household income, by race and Hispanic origin of Household, 2022*
    • Goods prices continue to increase while consumer confidence decreases
      • Figure 9: Consumer Sentiment Index, 2007-22
    • Si se puede – yes you can: a positive outlook helps to weather difficult times
      • Figure 10: Current financial situation, overall Hispanic Millennials vs Hispanic Millennial women vs Hispanic Millennial men, 2022
    • Meet them where they’re at and help be present – ideally without adding extra time or cost
      • Figure 11: Headspace Instagram post, 2021
      • Figure 12: Colgate Instagram post, 2021
    • A sandwiched generation: Latinas and Hispanic women bore the brunt of the COVID-19 pandemic
    • American dream deferred: help Hispanic Millennial women receive help and feel valued by targeting men and women
  5. Marketing to Hispanic Millennials – Fast Facts

  6. Current Financial Situation

    • Millennial income varies vastly by gender
      • Figure 13: Household income of $100,000 or higher, overall Hispanic Millennials vs Hispanic Millennial women vs Hispanic Millennial men, 2022
    • Millennial women are less likely to see their financial situations as healthy
      • Figure 14: Household income of $100,000 or higher, by age and gender, 2022
      • Figure 15: Perceived financial health, Millennial Hispanics overall vs Millennial Hispanic women vs Millennial Hispanic men, 2022
    • There is a very real need for a break when purchasing goods for Hispanic Millennial women
    • When it comes to food, Hispanic moms remain focused on taste while watching their budgets
      • Figure 16: Delux Chips from Lidl, 2022
    • Appeal to fathers by leveraging related value propositions
  7. Building Wealth and Financial Goals

    • Financial goals are focused on addressing the present and setting up a base for the future
      • Figure 17: Most important financial goals (any rank), 2022
    • Saving money is seen as the primary ticket to wealth building
      • Figure 18: Top ways to build wealth, 2022
    • Become a resource for financial goals
      • Figure 19: Tu dinero cuenta, Telemundo.com, 2022
    • Women have a stronger focus on establishing solid footing right now
      • Figure 20: Most important financial goals (any rank), Hispanic Millennial women vs Hispanic Millennial men, 2022
      • Figure 21: Top ways to build wealth, Hispanic Millennial women vs Hispanic Millennial men, 2022
    • Set them up for success by helping them ‘prepare for the worst’
      • Figure 22: SUMA Instagram post, 2022
    • Strategize value propositions around the needs of Hispanic Millennial women
      • Figure 23: Sequin, Instagram 2022
    • Saving money and taking care of mental health more in focus since the pandemic
      • Figure 24: Change in priorities after the pandemic (more important now), 2022
    • Acknowledging the connection between money and mental health will resonate
      • Figure 25: Money Talks Story #1 – Sophia + Imran, December 2018
      • Figure 26: Money Talks Story #2 – Alyssa + Keith, December 2018
      • Figure 27: SoFi Instagram post, 2020
  8. Defining Value and Attitudes towards Luxury

    • Leaning into all aspects of value will count
    • Minding budgets means leaning on loyalty programs
      • Figure 28: Preference for receiving a smaller discount now vs a bigger reward later, 2022
    • Highlight the emotional gains when a discount is earned
      • Figure 29: PC Financial | Cake Mix, 2019
    • Consider ways to show that the joy of a deal can also be enjoyed by kids
      • Figure 30: A #HeyPC story, 2022
    • The in-store experience is a value proposition for Younger Millennials
      • Figure 31: Preference for shopping in-person vs online, by age and income, 2022
    • Leverage tech to make hunting for deals fun and experiential
    • Hispanic Millennials see that quality comes at a cost
      • Figure 32: Preference for more expensive higher-quality items vs less expensive average quality items, by income, 2022
    • Stand behind products to attract less-affluent Hispanic Millennials
      • Figure 33: Patagonia Instagram post, 2021
    • More affluent Millennials will want to know what consumers are paying more for
      • Figure 34: C’est Qui Le Patron?! Instagram post, 2021
    • Hispanic Millennials are seeking affordable luxury
      • Figure 35: Select attitudes towards luxury and luxury brands, 2022
    • Foodservice providers are well positioned to lean into affordable luxury experiences
      • Figure 36: Attitudes towards food experiences, 2022
    • A more conservative mindset will impact what ‘luxury’ means when dining out – particularly for Hispanic Millennial women
    • Luxury eating doesn’t always have to be out-of-home, consider bringing the feeling of luxury home
      • Figure 37: Vosges Haut-Chocolate Instagram post, 2022
  9. Life Satisfaction

    • Hispanic Millennials are satisfied with life, though men more so than women
      • Figure 38: Satisfaction with life, overall Hispanic population vs Hispanic Millennial men vs Hispanic Millennial women, 2022
    • Despite gender differences, there’s need to appeal to both
      • Figure 39: Satisfaction with life aspects, overall Hispanic Millennials, Hispanic Millennial men vs Hispanic Millennial women, 2022
    • Supporting employees from within organizations and sharing the initiatives will be noticed by Hispanic Millennial women
    • Outward facing efforts acknowledging challenges moms face will resonate
      • Figure 40: Fair Play presented by Hello Sunshine in association with P&G and The Representation Project
    • Help mothers carve out time for themselves by finding ways to keep kids busy
      • Figure 41: Kids Workshops, Home Depot 2022
    • Enhance life satisfaction of Millennial men by tapping into activities they already enjoy – their hobbies
      • Figure 42: Whole Foods Market Instagram posts, 2021
  10. Appendix – Data Sources and Abbreviations

    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations
    • Terms

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This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

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