A common mistake made by many marketers is assuming that virtually all latino millennials are native-born; an assumption which couldn’t be further from the truth. The fact of the matter is, 37% of all Hispanic millennials are American born. A fact that has a significant influence on their preferences as consumers. While certain consumer trends cut across millennials across the board, companies that wish to increase their market share in this Latino consumer group are going to have to pay attention to trends that are more specific to Hispanic millennials and their multicultural leanings.
The Hispanic market is an attractive US market that any business would wish to try out. It is acclaimed to be a trendsetter in the US. It has incredible influence on how businesses do their selling. Here are some facts you didn’t know on Hispanics by State.
The US Hispanic population is rapidly becoming the target for many businesses. It’s been noted to be the fastest-growing ethnic group and going by the current growth rate of 167% compared to non-Hispanics, they will amount to 29% of the total U.S. population by 2050. Taking a closer look at the persona of these people obviously puts you in an edge to tap into the market potential effectively. The best way to achieve that is by understanding key characteristics of Hispanic Culture.
Hispanics consist of over 57 million people in the US today. This is expected to shoot up to 29% by 2060 to reach 119 million people. With such demographics, the influence Hispanics hold in the market today is apparent.
In the Hispanic community, culture is a thing to be embraced. Ever since Latino children are young, they are taught the virtue of respecto (respect) and dignidad (dignity) as far as their Hispanic heritage is concerned; this is one of the characteristics of Hispanic culture embraced by many. As the Latino people continue to influence the American culture, here are 3 key characteristics of Hispanic culture that you should know so as to relate to them better.