Two huge, fascinating trends are converging in the U.S.: the rise of connectivity through social media and mobile technology and the rise of Latino millennials in population and also economic and cultural influence.
Millennialis are so tech-savvy and socially involved that they even use their smartphones and other mobile devices to enhance faith and inspirational experiences. Likewise, "plugged-in" Hispanics are expected to use tech and social media to document their experiences during Pope Francis' U.S. visit.
With 1.5 trillion in spending power, there's little need for arguing -- Latinos have a firm hold on national wealth and spending that has influences the way mainstream marketers think, function and spend.
The second largest Hispanic cohort living in the U.S. are Hispanic Millennials, which is why it's important to understand their motivations when it comes to purchasing and food, beverage and alcohol consumption. According to a new study, Latinos are independent shoppers and they spend more money on groceries than other groups.
With more than 20 percent of the highly sought-after U.S. millennial segment identifying as Hispanic, there's no doubt that Latino millennials have been marked as the trendsetters and spearheaders. Not only that, but as many Latino millennials move into peak earning years, their purchasing power will continuously increase, challenging the might of the Boomer dollar, according to a new study.
The Southeast and Atlanta are exhibiting growth when it comes to the nation's largest consumer market segment, the Hispanic market. While Hispanics/Latinos only represent about 12 percent of Atlanta's population (compared to 17 percent of the total U.S. population), "Hotlanta" has been deemed the hottest Hispanic market in the nation.
Younger than non-Hispanic white shoppers in the U.S. by 10 years, the Latina shopper considers herself passionate, and she "identifies herself with the brands that are trendy, feminine, sexy and fun." With 19.3 million Latina shoppers in the U.S., they command the bulk of $1.2 trillion in Hispanic purchasing power--a number that is estimated to climb to $1.7 trillion by 2017.
President and CEO of marketing firm Pinta, Mike Valdes-Fauli, believes that brand loyalty can be won within the Hispanic millennial market, just as soon as advertisers and marketers understand that "brand value matters."