Description

“Hispanic Millennials feel that their best days are yet to come. While the pandemic impacted their lifestyles and finances, Hispanic Millennials are optimistic about their financial future. As they move forward, they have positive attitudes toward marketing and are open to listening to what brands have to say. As Hispanic Millennials grow as individuals and consumers, brands have an opportunity to challenge their current habits and showcase their value.”
– Juan Ruiz, Director of Hispanic Insights

Key issues covered in this Report

  • The impact of COVID-19 on Hispanic Millennials.
  • How different segments of Hispanics approach marketing and how Hispanic Millennials fit into this dynamic.
  • What drives Hispanic Millennials’ loyalty and repeat purchases.
  • Which ad sources Hispanic Millennials consider relevant to reach people like them.

Table of Contents

  1. Overview

    • What you need to know
    • Key issues covered in this Report
    • Definition
    • COVID-19: market context
    • Economic and other assumptions
  2. Executive Summary

    • Top takeaways
    • Market overview
    • Hispanic Millennials have positive attitudes toward marketing
    • Impact of COVID-19 on Hispanic Millennials
      • Figure 1: Short-, medium- and long-term impact of COVID-19 on Hispanic Millennials, July 2021
    • Opportunities
    • Speak Español
      • Figure 2: Attitudes toward non-traditional marketing initiatives – any agree, by language preference, 2021
    • Find Hispanic Millennials in traditional social media sites
      • Figure 3: Social media platform associations, 2021
    • Explain social responsibility on the brand’s terms
      • Figure 4: Corporate social responsibility, 2021
    • Help Hispanic Millennials get excited
      • Figure 5: Activities Hispanic Millennials would like more time for, 2021
  3. Hispanic Millennials – Key Takeaways

    • Hispanic Millennials can’t be ignored
    • Bilingualism and children define Hispanic Millennials’ households
    • Hispanic Millennials are turning the page on COVID-19
    • Hispanic Millennials’ household income lags
  4. Hispanic Millennials by the Numbers

    • One in four Hispanics are Millennials
      • Figure 6: Population by Hispanic origin and generation, 2021
      • Figure 7: Distribution of generations by race and Hispanic origin, 2021
    • Younger Millennials prefer English; older are split
      • Figure 8: Language Hispanics speak at home, by age, 2019-20
      • Figure 9: Hispanics’ language preference, by age, 2019- 20
    • Hispanic Millennials are parents
      • Figure 10: Households with related children under 18 in the household, by race and Hispanic origin of householder, 2020
      • Figure 11: Parental status, by generations and Hispanic origin, 2021
  5. Market Factors

    • Impact of COVID-19 on Hispanic Millennials
    • Immediate impact (2020)
    • Short term (2021)
    • Recovery (2022-25)
    • Hispanic Millennials’ household income lags
      • Figure 12: Median household income indexed to total households, by race and Hispanic origin of householder, 2019
      • Figure 13: Household income distribution, Hispanic Millennials vs all US Millennials, by language spoken at home, 2019-20
    • Hispanic Millennials underindex for owning assets that build wealth
      • Figure 14: Homeownership rate, by Hispanic origin of householder, 2009-19
      • Figure 15: Home ownership, Hispanics vs all US consumers, by age, 2019-2020
    • Hispanic Millennials’ dream of owning a home is intact
      • Figure 16: Home purchase intent – next 12 months, Hispanics vs all US consumers, by age, 2019-20
      • Figure 17: Interior and exterior paint – last 12 months, Hispanic Millennials vs all US Millennials, by homeowners vs renters, 2019-20
      • Figure 18: Cat and dog ownership, Hispanic Millennials vs all US Millennials, by homeowners vs renters, 2019- 20
  6. Companies and Brands – Key Takeaways

    • Brands use different themes to reach Hispanic Millennials
    • The “next normal” offers opportunities on multiple fronts
  7. Competitive Strategies

    • Extend my brand: Netflix and Apple
    • Return to Experts: Verizon – Built by people like you
      • Figure 19: Verizon Twitter post, 2021
    • Help Me Help Myself: Rocket Mortgage by Quicken Loans
      • Figure 20: Quicken Loans GIF creative for Rocket Mortgage, 2021
    • Giving Back: Unilever
      • Figure 21: Unilever creative, 2021
      • Figure 22: Unilever Every Day U Does Good, 2021
  8. Market Opportunities

    • Mintel Global Trend Drivers
      • Figure 23: Mintel Global Trend Drivers
    • Experiences: leverage them
      • Figure 24: Attitudes toward experiences – any describe me, by generations, 2021
    • Wellbeing: older Hispanics take it more seriously
      • Figure 25: Attitudes toward wellbeing – any describe me, by generations, 2021
    • Identity: heritage vs individuality
  9. The Consumer – Key Takeaways

    • Hispanic Millennials’ positive attitudes toward marketing are an antidote to habit
    • Hispanic Millennials are receptive to brands’ marketing efforts
    • Hispanic Millennials see quality as a critical loyalty driver
    • Online video advertising is gaining traction
    • Hispanic Millennials gravitate toward traditional social media platforms
    • Hispanic Millennials are less assertive in defining corporate social responsibility
    • Hispanic Millennials wouldn’t know what to do with extra time
  10. Attitudes toward Marketing

    • Marketers vs habit
      • Figure 26: Attitudes toward marketing – any agree, 2021
      • Figure 27: Attitudes toward marketing – any agree, by generations, 2021
    • Habit plays a significant role in Hispanic Millennials’ purchase decisions
      • Figure 28: Attitudes toward purchases out of habit – any agree, by presence of children in the household, 2021
    • Spanish-dominant Hispanics embrace advertising
      • Figure 29: Attitudes toward non-traditional marketing initiatives – any agree, by language preference, 2021
    • Most Hispanic Millennials see value in non-traditional marketing initiatives
      • Figure 30: Attitudes toward non-traditional marketing initiatives – any agree, by language preference, 2021
  11. Marketing Attitudinal Segments

    • There are four types of marketing mindsets
    • Hispanic Millennials have positive attitudes toward marketing
      • Figure 31: Hispanic marketing and shopping attitudinal segments, 2021
    • Marketing Accepters (28%)
      • Figure 32: Profile of Marketing Accepters, 2021
    • Habit Accepters (26%)
      • Figure 33: Profile of Habit Accepters, 2021
    • Marketing Deniers (23%)
      • Figure 34: Profile of Marketing Deniers, 2021
    • Habit Deniers (23%)
      • Figure 35: Profile of Marketing Accepters, 2021
  12. Loyalty Drivers

    • It is critical to contextualize quality
      • Figure 36: Loyalty drivers, 2021
      • Figure 37: TURF Analysis – Loyalty drivers, 2021
      • Figure 38: Loyalty drivers, by generations, 2021
    • Hispanic Millennials are pragmatic: emotional factors have less weight
      • Figure 39: Loyalty drivers – emotional attributes, by language preference, 2021
    • Hispanic Millennials are value-oriented: convenience and attractiveness aren’t indispensable
      • Figure 40: Loyalty drivers – emotional attributes, by household income, 2021
  13. Ad Sources Perceived as Relevant

    • Online video advertising is gaining traction
      • Figure 41: Ad sources perceived as relevant, 2021 vs 2019
    • Younger Millennials drive structural changes to the ad landscape
      • Figure 42: Ad sources perceived as relevant, by generations, 2021
    • Regardless of ad source, Spanish should be on the table
      • Figure 43: Ad sources perceived as relevant, by language preference, 2021
  14. Social Media

    • Hispanic Millennials gravitate toward traditional social media platforms
      • Figure 44: Hispanics’ social media usage – daily, by generations, 2021
    • Hispanic Millennials don’t agree on what makes social media platforms stand out
      • Figure 45: Social media platform associations, 2021
  15. Corporate Social Responsibility

    • Hispanic Millennials are open to activism
      • Figure 46: Attitudes toward boycotting brands, by generations – any agree, 2021
      • Figure 47: Attitudes toward boycotting brands – any agree, by household income and country of birth (US vs other), 2021
    • Hispanic Millennials’ perception of corporate social responsibility is less rigid
    • Green initiatives are not a priority
      • Figure 48: Corporate social responsibility, 2021
      • Figure 49: Corporate social responsibility, by generations, 2021
      • Figure 50: Corporate social responsibility, by marketing attitudinal segments, 2021
    • Spanish-dominant Hispanics are more likely to idealize the social role of corporations
      • Figure 51: Corporate social responsibility, by language preference, 2021
  16. What Hispanic Millennials Want More Time For

    • Most Hispanic Millennials are going through the motions
      • Figure 52: Activities Hispanic Millennials would like more time for, 2021
      • Figure 53: Activities Hispanics would like more time for, by generations, 2021
    • Specific circumstances dictate some needs
      • Figure 54: Select activities Hispanic Millennials would like more time for, by language preference, 2021
      • Figure 55: Select activities Hispanic Millennials would like more time for, by language preference, 2021
  17. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations
    • Terms
  18. Appendix – The Consumer

      • Figure 56: Table – TURF Analysis – Loyalty drivers, 2021
      • Figure 57: Millennials’ home improvement purchases – last 12 months, Hispanics vs all US consumers, by homeowners vs renters, 2019-20

About the report

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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Data

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