Baby boomers will begin retiring in droves over the next few years, reducing their collective spending power. And that’s quite a lot of spending power, as the massive boomer generation has wielded perhaps the strongest buying clout of any consumer group in the nation’s history.
Where should brand marketers turn to pick up the slack? You’re behind the curve already if you’re not courting the Hispanic market. But Advertising Age says in an article that the Hipanic market will evolve into the No. 1 place for product marketers to be in the near future.
Why? Here are just a few reasons that the article cites:
• Hispanic consumers, on average, are more than 10 years younger than non-Hispanics; their median age is about 28.
• 75% of adult Hispanics are between 18 and 49, compared with just 56% of non-Hispanics.
• The average Hispanic household size is 4.0 members, compared with 2.9 members in the typical white, non-Hispanic family.
• 4% of adult Hispanics live alone, versus 15% of white non-Hispanics.
However, brand marketers can’t go after Hispanic consumers with the same, homogenous messages that attract other types of consumers. In fact, Hispanics themselves can’t be lumped together as a single group. They’re complex, hailing from more than 25 different countries.
Hispanics have different levels of acculturation in America. To reach them, you must first understand who among them your brand is targeting. Then personalize it for them.
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