According to new research from Viant, the Marketers Guide to Hispanic Millennials, Millennials are one of the most inherently multicultural consumers in the U.S. In fact, of the 75 million Millennials in the U.S. today, more than 42% are multicultural. And 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.
The U.S. Hispanic population is comprised of 59 million people, with purchasing power north of $1.5 trillion a year, which, if it were a country, would be the 15th biggest GDP in the world, says the report. When it comes to the generational breakdown of Hispanic Americans, more than 40% are Millennial. Hispanic Millennials are no longer a small sub-segment of the U.S. economy, they are a driving force, says the report.
As America continues to become more multicultural, marketing strategies will naturally have to follow suit. 80% of U.S. population growth between 2015 and 2020 will come from minorities, with Hispanics accounting for just over half of this growth at 50.6%, says the report.
Hispanic Millennials are a complex consumer segment, with a unique blend of culture and language. While Hispanic Millennials tend to be bilingual and predominantly born in the United States, a significant 37% of Hispanic Millennials were born outside of the U.S.
This is still much lower than the 65% of Hispanic Baby Boomers who were born outside of the U.S. says the report.
Hispanic Millennials… 84%
Non-Hispanic Millennials… 62%
As the Hispanic population has spread geographically, Hispanic Millennials’ political influence has grown significantly. In the most recent election, Hispanic Millennials accounted for almost half of all eligible Hispanic voters. Hispanics have traditionally supported the Democratic party, with this proving true in the 2016 Election.
Millennials are twice as likely to have not registered with a political party compared to non-Hispanic Millennials. However, when they are registered, they tend to lean left as Hispanic Millennials are 29% more likely to be registered Democrats.
Hispanic Millennials have a big presence on social media, showing the highest affinity for Twitter and Instagram, versus non-Hispanic Millennials, says the report. On top of this, they log on several times during the day to these networks: 6x on Facebook, 3x on Instagram, 2x on Twitter, and 1x on Pinterest.
Hispanics own smartphones at mostly the same rate as the general population, however they spend 25% more time on their smartphones, or nearly 10.5 hours per week compared to 8.4 hours for the rest of the population. Additionally, the average Hispanic consumer spends 16% more on data usage.
Spend six hours more online compared to non-Hispanics
Are nearly 3x as likely to consider a brand after seeing a video ad than non-Hispanics
Nearly 50% reported discussing a brand online in social messaging versus 20% of non-Hispanics
While Millennial Hispanics:
Are 2x more likely to drink bottled Starbucks drinks
Spend roughly $207 quarterly on Amazon and $102 at Sephora
Decide where to shop based on whether they can use a smartphone or store card coupons (81%)