Where Will the Hispanic Market be in 15 Years?

 

Per  Sage Business Researcher by 2060  the Hispanic population will increase 28 % up from 17% in 2014. With this statistic the new generation  under the age of 20 the  Gen Z  generation as they are called, will be the new  consumer group that  marketers  will covet and target. These 12-18 year old  GenZ Hispanics account  for 23% of the total population and most surprising 93 % of them are US born. This is a very large group of  roughly  83 million people; a marketer’s dream.  Because of their large numbers , GenZ  generation  is  the most ethnically diverse  and will be the last generation with a Caucasian majority  and  the majority of them (55%)  of them were born to millennial parents rather than  the  Gen X’ers. Overall,  both groups  tend to share common characteristics . These are:

    • Cautious, price and value conscious, and avoid debt
    • Entrepreneurial and eager to start working
    • Optimistic about the future
    • Prefer home-cooked meals
    • Are DIYers and crowdsourcers (Hispanics among their family and social network, Gen Z are enabled by technology)

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What Percentage of US Hispanics Prefer to Read/Listen to/Watch Spanish Language Content?

 

According to the Center of Multicultural Science the answer is actually generational.Opposed to first generation Hispanics  that prefer Spanish language television , second and third generation Hispanics tend to  use  both languages but prefer  to watch and listen to English programming. This is  largely due to the  degree of acculturation and place of birth. Most of the 3rd generation Hispanics are US born or have lived here long enough to  assimilate into American culture and as a result  generally  communicate  and prefer English  . Having said that, most of these Millennials   still preserve their Hispanic identity  and  enjoy content that is culturally relevant  to them . For this reason,  they may have a preference for English but are fully bilingual and bicultural and  easily gravitate between one language  to another. Yet,  to target them on the basis of language it is also simplistic and erroneous; culture matters, birthplace matters, amount of acculturation matters and generation matters( 1st generation vs 3rd generation Hispanics.)

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