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- US Marketing to Hispanic Gen Zs Market Report 2023
“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, Multicultural Consumer Insights Analyst, Hispanic Focus
This Report looks at the following areas:
- 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
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
- What you need to know
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Executive Summary
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- 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
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- Figure 3: Top priorities right now, Gen Z vs overall, 2023
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- 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
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Hispanic Gen Z Demographics and Market Factors
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- 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
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- Figure 9: Expected ffinancial situation in the next 12 months, Hispanic consumers, November 2022 trended to May, 2023
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- 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
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Competitive Strategies and Market Opportunities
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- 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
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Hispanic Gen Z – Fast Facts
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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
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- 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
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- Figure 22: Indeed Latinas own the table event, 2022
- Anxiety and frustration detract from life satisfaction amongst Hispanic Gen Zs
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Expected Achievements by 30
- Homeownership is a key goal for Hispanic Gen Zs
- Figure 23: Expected achievements by age 30, Gen Z, 2023
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- 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
- Homeownership is a key goal for Hispanic Gen Zs
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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
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- 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
- Career is a top priority though wellness and relationships are focus areas
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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
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- Figure 32: Suma Wealth, 2023
- Providing encouragement through challenging times will keep them motivated
- Figure 33: Luz Media Instagram post, 2023
- Mental wellness support is necessary, as Gen Zs are softer on self-confidence and feeling in-control
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Abbreviations and terms
- Data sources
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