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 olds 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)
On the other hand, the GenZ group have demonstrated several characteristics unlike the millenials.
- They are highly dependent and connected to their mobile devices (86%) where this dependence has impaired their ability to communicate on a personal level.
- Enjoy and need instant gratification
- Most are independent workers.
Given that they are the most ethnically diverse group today, the question is how will the Hispanic Market be in 10 to 15 years? Although the majority of them are children of the millennial an immigrant generation , will they likely embrace their ethnicity or will they take part of the larger group? Will reliance and dependence on mobile phones affect they way marketers are targeting the group ? These are questions that marketers where with heavily Hispanic populations will have to ask themselves.