Don’t Overlook the Importance of Older Hispanics in Your Marketing
Youth is always where marketers like to focus their attention. It’s hip, it’s trendy, and it paves the path for the future. But don’t discount the importance of older generations—especially when it comes to marketing to Hispanics.
There’s been a lot written about Hispanic Millennials. This is a growing audience with strong adoption of new technology, great consumer influence, and rapidly expanding purchasing power. They have captured the attention of today’s advertising and marketing professionals.
But a new report from Nielsen points to an overlooked segment of the U.S Hispanic market that may be just as important. Nielsen says of the report findings:
“While younger Hispanics are commanding wide-spread attention, it’s actually older Hispanics who are leading the way, extending a strong cultural influence over their families and their communities at large.”
Check out these key stats from the Nielsen report:
- At 11.1 million, Hispanics 50+ represent 10% of their age group’s total population
- This segment is expected to reach 42 million or 24% by 2060 (according to U.S. Census data)
- More than half of U.S. Hispanics 50+ are foreign-born
- Life expectancy for Hispanics is 83.5 years—compared with 78.7 years for non-Hispanic whites
- From 2005 to 2013, the percentage of older Hispanic households making at least $100,000 annually increased from 14% to 20%
- Hispanics 65+ spend 22% more per shopping basket over their non-Hispanic white peers
The Crossroads of Two Important Demographics
Older Hispanics not only present opportunities to brands as purchasers, but also as key influencers of other generations—including the much-coveted Millennial generation. They are the ones passing on Spanish language and culture to this generation, and shaping their attitudes and values.
As this PR Week article states:
“Older Latinos stand at the influential crossroads of two of the most important and rapid demographic evolutions in the US: the growing populations of older Americans, or Baby Boomers as they are known, and Hispanics. With more health, wealth, and a longer life expectancy, this group has growing influence and power that smart marketers can’t afford to ignore.”