Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- Overview
- The issues
- Hispanic Millennials make a positive balance of their lives so far
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- Figure 1: Hispanic Millennials’ satisfaction with different aspects of life, February 2018
- Hispanic Millennials’ lives are not worry-free
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- Figure 2: Hispanic Millennials’ biggest financial challenges, February 2018
- The opportunities
- Innovating beyond the idea of family
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- Figure 3: Factors that make Hispanic Millennials unique, indexed to all, February 2018
- Making Hispanic Millennials the heroes of their stories
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- Figure 4: Hispanic Millennials’ attitudes toward standing out or fitting in, by gender, level of acculturation, and household income, February 2018
- Using social media to increase awareness
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- Figure 5: Hispanic Millennials’ attitudes toward social media, indexed to all, February 2018
- What it means
The Market – What You Need to Know
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- Hispanics Millennials influence all Hispanics
- Hispanic Millennials are bilingual and bicultural
- English helps to level the field
- Children and Hispanic Millennials go hand in hand
Market Factors
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- Understanding Hispanic Millennials drives the direction of the Hispanic market
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- Figure 6: Population, by Hispanic origin and generation share, 2018
- More than one in five Millennials are of Hispanic origin
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- Figure 7: Distribution of generations, by race and Hispanic origin, 2018
- Hispanic Millennials are bilingual
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- Figure 8: Language Hispanic Millennials speak at home, October 2016-November 2017
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- Figure 9: Language Hispanic Millennials prefer to speak, October 2016-November 2017
- Hispanic Millennials are bicultural
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- Figure 10: Hispanics’ level of acculturation, by generation, February 2016
- English is important to reach their full earnings potential
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- Figure 11: Self-reported household income, by Hispanic origin and language preference, October 2016-November 2017
- Hispanic Millennials more likely to have children
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- Figure 12: Parent status, by Hispanic origin and age, October 2016-November 2017
Key Players – What You Need to Know
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- There isn’t a recipe to appeal to Hispanic Millennials
- Negativity and political rhetoric can take its toll
- Hispanic Millennials continue looking ahead
What’s Working?
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- The right associations
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- Figure 13: New brands and styles at Walmart – Spanish-language commercial, March 2018
- The right experience
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- Figure 14: Hispanic Millennials’ attitudes toward shopping, indexed to all, February 2018
- The right brand
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- Figure 15: 2018 Toyota Camry: Thrill commercial, February 2018
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- Figure 16: 2018 Honda Fit Sport: Fun Surprises commercial, September 2017
- Figure 17: Hispanic Millennials’ attitudes toward brands, indexed to all, February 2018
- The right soundtrack
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- Figure 18: Hispanic Millennials’ use of digital music services, indexed to all, October 2016-November 2017
What’s Struggling?
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- Level of Negativity is prompting Hispanic Millennials to question things
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- Figure 19: Hispanic Millennials’ beliefs about the US, indexed to all Millennials, February 2018
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- Figure 20: Hispanic Millennials’ perception of current level of negativity, by parental status, February 2018
What’s Next?
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- There is a need to slow things down
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- Figure 21: Hispanic Millennials’ future priorities, indexed to all Millennials, February 2018
- More opportunities in entertainment, dining out, and personal treats
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- Figure 22: Where extra money is spent, indexed to all Millennials, February 2018
The Consumer – What You Need to Know
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- Hispanic Millennials attribute their uniqueness to family
- Hispanic Millennials see the glass half-full
- Hispanics tend to prioritize more immediate goals
- Keeping the status quo is not an option for Hispanic Millennials
- Hispanic Millennials want both the blessing and responsibility of having children
What Makes Hispanic Millennials Unique?
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- Family yes, but there is more
- Cultural traditions, faith, food, and language are secondary
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- Figure 23: Factors that make Hispanic Millennials unique, indexed to all, February 2018
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- Figure 24: Factors that make Hispanic Millennials unique, by parental status, February 2018
- Families have significant influence in Hispanic Millennials’ decisions
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- Figure 25: Factors that make Hispanics unique, by generation, February 2018
Hispanic Millennials’ Satisfaction with Their Lives
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- Hispanic Millennials’ are satisfied with their lives
- Optimism and contentment are Hispanic qualities
- Contextualizing expectations makes a difference
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- Figure 26: Hispanic Millennials’ satisfaction with different aspects of life, February 2018
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- Figure 27: Difference of Hispanic Millennials’ and all Hispanics’ satisfaction in regards to different aspects of life, February 2018
- Thinking about family, children make it tangible
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- Figure 28: Hispanic Millennials’ satisfaction with their family life, by key demographics, compared to all US Millennials, February 2018
- Thinking about earnings, expectations matter
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- Figure 29: Hispanic Millennials’ satisfaction with their earnings, by key demographics, compared to all US Millennials, February 2018
- Thinking about health, there is no need to change
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- Figure 30: Hispanic Millennials’ satisfaction with their health, by key demographics, compared to all US Millennials, February 2018
Hispanic Millennials’ Financial Challenges
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- Hispanic Millennials’ focus on short-term priorities may keep them unprepared
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- Figure 31: Hispanic Millennials’ biggest financial challenges, February 2018
- Life stages define financial challenges
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- Figure 32: Hispanics’ biggest financial challenges, by generation, February 2018
- The nature of financial challenges differs by level of acculturation
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- Figure 33: Hispanic Millennials’ financial challenges, by level of acculturation, February 2018
- Hispanic Millennial renters are more likely to be cash strapped
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- Figure 34: Hispanic Millennials’ financial challenges, by home owners vs renters, February 2018
Hispanic Millennials and the Status Quo
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- Hispanic Millennials don’t want to settle for average
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- Figure 35: Hispanic Millennials’ attitudes toward life, indexed to all, February 2018
- Nothing ventured, nothing gained
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- Figure 36: Hispanic Millennials’ attitudes toward taking risks, by gender, level of acculturation, and household income, February 2018
- Embracing who Hispanic Millennials are
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- Figure 37: Hispanic Millennials’ attitudes toward standing out or fitting in, by gender, level of acculturation, and household income, February 2018
- Duality in Hispanic Millennials’ lives
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- Figure 38: Hispanic Millennials’ attitudes toward keeping family traditions vs creating new traditions, by gender, level of acculturation, and household income, February 2018
Hispanic Millennials’ Attitudes toward Children
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- Children – A blessing that comes with responsibilities
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- Figure 39: Hispanic Millennials’ attitudes toward having children, indexed to all, February 2018
- iGens feel a lack a support; Millennials find it
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- Figure 40: Hispanics’ attitudes toward having children, by generation, February 2018
- More-acculturated Hispanic Millennials are more pragmatic about having children
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- Figure 41: Hispanics’ attitudes toward having children, by level of acculturation, February 2018
- Raising children is more expensive for more affluent Hispanic Millennials
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- Figure 42: Hispanics’ attitudes toward having children, by household income, February 2018
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
- A note about acculturation
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