The marketing world is also paying attention to the Gen Y Hispanic demographic segment because they have real buying power now and their population is growing.
Although all millennials have clout today, business leaders need to pay particular attention to Hispanic millennials — both for their spending power now and for their ability to influence what comes next.
Get this statistic: Every month for the next two decades, some 50,000 Hispanic-Americans will turn 18. Plus, no other immigrant group over the past 100 years has formed such a large part of the American population. Hispanics account for one in five schoolchildren and one in four newborns. Many 21st-century Hispanics would prefer to stick with their language, culture, customs and cuisine rather than assimilate.
Here are some of the new trends Latino Millennials are embracing:
1. Speaking Spanish.
The U.S. is now the world’s fifth-largest Spanish-speaking country, with 37.6 million people speaking Spanish at home.
2. Optimism.
The Latino Gen Yers are more optimistic than their non-Hispanic peers, especially about their own future and the future of the United States.
3. Border-state commitment and safety.
They want a safe family life in a welcoming community with opportunities for work, education and entertainment, and they take pride in contributing to a distinctive culture with depth and roots.
4. Viva San Antonio!
Call it the Castro effect: Just as San Antonio’s young, popular Hispanic mayor, Julián Castro, is being tapped by President Obama as HUD secretary, the city of San Antonio came out as one of the top places where Hispanic Millennials want to live. It was the clear front-runner among Latino Millennials, thanks to its reputation for a dynamic economy, employment opportunities, and affordable living, culture and attractions, plus tolerance. Other favored cities were San Diego, Los Angeles, Phoenix, Austin, Albuquerque, Dallas–Fort Worth, Houston, San Francisco and Tucson.
5. Looking good.
Hispanic Millennials are more interested in fashion and shop more often at local fashion stores than non-Hispanics which is in keeping with their strong community values.
6. Food by culture.
Food and sharing meals with family and friends, is a core part of Hispanic culture, and our respondents mentioned it often.
7. Complex family ties.
Among Latino Gen Yers, la familia is associated with a bigger range of connections than the American nuclear family. It encompasses parentesco (kinship ties), compadrazgo (real and fictive godparenting) and cuates (twin brothers, or buddies).
8. American dreamers.
Hispanics start new businesses at far greater rates than non-Hispanics — an annual increase of 6.7 percent versus 3.1 percent since 2007. Latino Millennials will rely on their communities as they pursue their American dream — and now that their communities are bigger than those of other “minorities,” they have critical mass.