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- US Marketing to Hispanic Millennials Market Report 2023
This report offers a complete analysis of the Hispanic Millennial consumer. Purchase drivers, motivations, barriers to life satisfaction, and more all paint a picture of this demographic. Revealed in this report, our expert explores how to market to Hispanic Millennial consumers effectively.
Below, we provide the report scope and offer handpicked insights from the report itself.
Report Scope and Definitions
Mintel defines Millennials as the generation born between 1980 and 1996. In 2023, members of the Millennial generation are between the ages of 27 and 43. For the purposes of this Report, Mintel has further defined Millennial consumer segments as the following:
- Younger Millennials: those born between 1989 and 1996, who are aged 27-34.
- Older Millennials: those born between 1980 and 1988, who are aged 35-43.
“Hispanic” entails anyone who has origins in a Spanish-speaking country, and “Latino” denotes individuals who have origins in a Latin American country, regardless of whether it is a Spanish-speaking country. This Report covers both Hispanic and Latino consumers, and the term is used interchangeably throughout to reflect the diversity of this demographic.
Hispanic Millennial Consumer Overview
According to the US Census Bureau, there are 16,208,000 Hispanic Millennials. This means that this demographic makes up almost a quarter of the total US Millennial population. Given the prominence of Millennials as the largest demographic group (see our Marketing to Millennials Report), Hispanic Millennials present a significant audience to tailor marketing efforts toward.
How to Market to Hispanic Millennials
Although generally satisfied with life, Hispanic Millennials state finances as a top stressor in 2023. This is especially true for younger Millennials, mothers, lower-income households and singles. Inflation is a likely cause, but there’s more to examine. There is an underlying desire to achieve more, and while price will be important, marketers can appeal to a multifaceted definition of value by pairing value messages with other purchase drivers – including mental health.
Our expert observes differences in life satisfaction between married Hispanic Millennials and those who are single. Married Millennials tend to have higher incomes, potentially leading to their higher life satisfaction. As singles get older, there may be a perception of limited partner options, so brands should address these feelings. Highlighting the positive aspects of being single, such as promoting cleaning as self-care (eg Clorox’s “YAS CLEAN” campaign) can resonate with single Millennials.
Brands will also need to meet these Millennials where they socialize, For example, Mintel’s Social Commerce Report finds that Hispanic Millennial consumers are more likely than non-Hispanic Millennials to find ads on social media helpful.
For a deeper dive into this demographic, buy the full report. Alternatively, you may be interested in our library of Hispanic Consumer Research.
Additional Features Included in Your Report
Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.
Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.
Expert Analysis
Stefanie Kundakjian, a leading multicultural insights analyst with a focus on Hispanic consumers, delivers commentary.
Hispanic Millennials experience satisfaction in their lives, but they also face high levels of anxiety and frustration. Notable variations exist among younger and older Millennials making it crucial to avoid one-size-fits-all campaigns in crafting relatable marketing messages that resonate with their unique lifestage. Financial stress emerges as their primary concern overall, with variations in segments experiencing stress related to relationship status and managing responsibilities. Providing tailored guidance to enhance their financial skills and offering support to manage their mental health can be beneficial for Hispanic Millennials.
Stefanie Kundakjian
Multicultural Consumer Insights Analyst, Hispanic Focus
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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 Millennials generally find satisfaction in their lives
- Figure 1: Overall Satisfaction with life, 2023
- Hispanic Millennials are hopeful, yet encumbered by anxiety and frustration
- Figure 2: Feelings on life right now, by generation, 2023
- Finances and the future are the two top stressors for Hispanic Millennials concerns
- Figure 3: Biggest Stressors (any rank), 2023
- Empower Hispanic Millennials with guidance for financial skills and mental health
- Figure 4: Self-rating of skill set, 2023
- Current opportunities and strategies
- Consider leaning into single social connections to resonate with diverse segments
- Figure 5: Clorox Scentiva, 2023
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Hispanic Millennials by the Numbers
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- Hispanic are a vastly diverse demographic
- Hispanic Millennials make up almost a quarter of the total Millennial population
- Figure 6: Distribution of generations by Hispanic origin, 2023
- Figure 7: Distribution of Millennials by Hispanic origin, 2023
- Hispanic Millennials are divided between Younger and Older segments
- Figure 8: Parental status, 2023
- A note on language
- Figure 9: Preferred language by gender, 2023
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Market Factors
- Significant buying power despite lower incomes
- Figure 10: Median household income, by race and Hispanic origin of householder, 2020
- Student loan repayment can constrict budgets
- Climate change is affecting Hispanics’ local community
- Childcare crisis keeps growing impacting families, particularly mothers
- Figure 11: Median household income of families with related children, by race and Hispanic origin, in inflation-adjusted dollars, 2010-20
- Significant buying power despite lower incomes
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Competitive Strategies and Market Opportunities
- Mintel Trend Mood to Order
- Un-energy Drink: Spotlight on Relax
- Mintel Trend Prove It
- Durability Label: Spotlight on Longtime Label
- Mintel Trend Mood to Order
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The Hispanic Millennial Consumer – Fast Facts
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Overall Life Satisfaction
- Hispanic Millennials are satisfied with their lives, though nuances exist
- Figure 12: Overall satisfaction with life, 2023
- Married Millennials are more likely to report satisfaction than singles, consider leaning into single social connections
- Figure 13: Overall satisfaction with life by relationship status, 2023
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- Figure 14: Online social life, 2023
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- Figure 15: Clorox Scentiva, 2023
- Millennial parents more likely to be ‘very satisfied’
- Figure 16: Overall satisfaction with life by parental status, 2023
- Less affluent households are under emotional strain
- Figure 17: Overall Satisfaction with life by Affluence, 2023
- Hispanic Millennials are satisfied with their lives, though nuances exist
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Current Perception of Life Right Now
- Though hopeful, anxiety and frustration looms
- Figure 18: Feelings on life right now, by generation, 2023
- Implement perks and services that promote financial literacy and empower lower-income households to have better control over their finances
- Figure 19: Feelings on life right now, by household income, 2023
- Offer stress-relief on-the-go for women, particularly mothers to address feelings of anxiety and instability
- Figure 20: Feelings on life right now by gender, 2023
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- Figure 21: Brands featuring snack mixes, 2023
- Though hopeful, anxiety and frustration looms
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Stressors
- Address financial stressors with pertinent segments to speak to consumer’s concerns
- Figure 22: Biggest Stressors (any rank), 2023
- Younger Millennials would benefit from support establishing themselves into adulthood
- Figure 23: Biggest Stressors, younger Millennial vs older Millennial, 2023
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- Figure 24: Attitudes towards life and financial stability (agree), younger Millennial vs older Millennial, 2023
- Moms need help managing it all
- Figure 25: Biggest Stressors, moms vs dads, 2023
- Help single Millennials feel better about their future by creating positive moments through pastimes and skillsets
- Figure 26: Biggest Stressors, singles vs married, 2023
- Address financial stressors with pertinent segments to speak to consumer’s concerns
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Confidence in Life Skills
- Hispanic Millennials could use guidance to advance financial skills and improve mental health
- Figure 27: Self-rating of skill set, 2023
- Help Hispanic Millennial women manage their physical health and build confidence in maintenance/handy work skills
- Figure 28: Self-rating of skill set, Millennial women vs Millennial men, 2023
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- Figure 29: Momleta Instagram post, 2023
- Men need support improving their childcare skills
- Figure 30: Self-rating of taking care of children, 2023
- Less affluent Hispanic Millennials need help building skills
- Figure 31: Self-rating of taking care of children, 2023
- Hispanic Millennials could use guidance to advance financial skills and improve mental health
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Abbreviations and terms
- Data sources
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