We hear so much about the Millennial market these days that we forget that this broad category has many subsets. One of the most important is the Hispanic Millennial market. Not only is it thriving, it also exhibits traits that are similar yet different than mainstream Millennial consumers.
Hispanic Millennials observe drastic differences in the way they see themselves and the way they see other Millennials. While they consider themselves as being responsible, compassionate, hardworking, and unique, they feel older generations perceive them as self-centered, entitled, spoiled, and even materialistic.
Ironically, they agree with this in regards to other Millennials, but don’t think that it applies to them. The takeaway here for business owners? Play to Hispanic Millennials impressions of themselves and not of their detractors.
Hispanic Millennials consider price to be extremely important, but not at the expense of sacrificing quality. They understand that cheap things may cost more in the long term and factor this into their purchase decisions. When Hispanic Millennials choose which brands to buy, quality and affordability are the factors that they focus on the most.
When considering Hispanic Millennials, it pays to understand they all feel it’s important to maintain their cultural heritage. Efforts by marketers to acknowledge this will go a long way toward gaining their loyalty.
However, not all Hispanic Millennials are acculturated to the same degree. This means that businesses wishing to target this group have three different subgroups to appeal to:
To appeal to all three targets, businesses should at a minimum be prepared to serve the Spanish-speaking consumer. What’s more, they should tailor their marketing efforts to reach beyond the mainstream and stress loyalty and family, two areas that resonate with the Hispanic Millennials across the board.
Like their counterparts, Hispanic Millennial consumers are familiar with social media, however, its influence over them varies by category.
Unacculturated and bicultural Hispanics tend to be more likely than acculturated Hispanics to often like or recommend brands on social media sites. They are also more likely than acculturated Hispanics to consider that brands that approach them through social networks understand their culture.
To leverage this perception, businesses should include Hispanics as part of their overall social media marketing planning efforts. They should also actively monitor what consumers are saying of them on social media and use platforms to reiterate themes of culture and loyalty, which matter most to Hispanic Millennials.
As the ethnic makeup of America continues to shift toward Hispanics, overall generational traits like those of Millennials will play a prominent role for businesses wishing to tap into this market.