10 Telling Stats for Marketers on U.S. Hispanics and Hispanic Millennials
Findings from a new report provide an informative glimpse into the lives, shopping habits, and economic impact of today’s Hispanic consumers
“While Hispanic Millennials may be one of the biggest buzzwords in the advertising industry today, behind all the buzz is a wealth of opportunity for brands.”
That quote comes from the introduction to a new report titled The Marketer’s Guide to Hispanic Millennials, produced by advertising technology company Viant. This report includes findings on how Hispanic Millennials interact with brands on social media, who their biggest influencers are, and more.
You can download the full report for free here. In the meantime, here are some notable statistics on Hispanics and Hispanic Millennials included in the report that businesses and marketers might find pretty insightful:
1. 80% of U.S. population growth between 2015 and 2020 will come from minorities—with Hispanics accounting for 50.6% of this growth
2. 24 million Hispanic Millennials in the United States, comprising 40% of the total U.S. Hispanic population (59 million) and almost a third of the U.S. Millennial population (75 million)
3. 37% of Hispanic Millennials were born outside of the U.S. (compared to 65% of Hispanic Baby Boomers)
4. 2 out of 5 Hispanic Millennials live with their parents
5. Hispanic Millennials are 35% more likely to have children under 18 living in their household, versus non-Hispanic Millennials
6. Hispanics are 74% more likely to be persuaded on product purchases by their children compared to non-Hispanics
7. Hispanics are 28% more likely to be influenced on product purchases by other family members besides their children and 22% more likely to be influenced by spouses than their non-Hispanic counterparts
8. 92% of Hispanics use coupons
9. 81% decide where to shop based on whether they can use a smartphone or store card coupons
10. Hispanics spend 25% more time on their smartphones than non-Hispanics (10.5 hours per week vs. 8.4 hours per week)
As the report states: “Hispanic Millennials are no longer a small sub-segment of the U.S. economy, they are a driving force”.
Along with understanding the importance and value of U.S. Hispanics as an overall audience, knowing how Hispanics—specifically Millennial Hispanics—are making purchasing decisions is key to creating stronger customer connections moving forward.