This post was collaboratively published by Reynaldo Delgado (Miami), Andre Iturbe (Los Angeles) and Melissa Quiñones (New York).
September 15 to October 15 is Hispanic Heritage Month in the U.S. This week’s Friday5 focuses on Hispanic millennials and their influence on the American experience.
Hispanic millennials comprise a hyper-engaged segment of the U.S. population that is rapidly growing, driving change and diversifying several pillars of American life as we know it. These ambitious individuals should not be overlooked – they are 22.7 million strong and represent 21 percent of the U.S. millennial Generation. Hispanic millennials are diverse and embrace their Latino culture yet are acculturated individuals who believe in the “American Dream.” This group is at the forefront of change and defining how the U.S. moves forward.
Here are five ways that Hispanic millennials are changing several aspects of the American lifestyle:
In 2015 alone, over 993,000 Hispanic-Americans will be turning 18 – that means that every month, 66,000 more Hispanics attain voting age. This merits much attention for the 2016 U.S. presidential election as up to one million Hispanic millennials can be registered as new voters. U.S. political parties will have to be strategic when selecting their presidential nominee as their support of the Latino community will be significant come November 2016.
Multicultural consumers now drive both population and economic growth in the U.S. This “Big Shift” is led by U.S. Hispanics at $1.2 trillion dollars (the equivalent to Mexico’s entire GDP), and the Hispanic market showed a gain of 155 percent since 2000. According to Nielsen, Hispanics are “Super Consumers” that can influence the general population, and have about 20 more years of effective buying power over non-Hispanic Whites.
Hispanic millennials are enrolling in higher education at a greater rate than other American minority students. As a result, more Hispanic-Americans are working in traditional white collar jobs than in the past and are more inclined to become entrepreneurs than other minorities. This surge of educated Hispanic millennials is reflected in Hispanic owned business, which increased 43 percent to 3.22 million between 2007 and 2014, more than twice the overall growth rate of all U.S. businesses during the same time period (18 percent).
4. Social Media
While all millennials use social media networks relatively equally, Hispanic millennials are at the forefront with nearly 66 percent more likely to connect via mobile than their non-Hispanic counterparts. According to Pew Research, Facebook stands out as the most widely used platform with 73 percent of Latinos connecting while Instagram is emerging as more engaging among Latinos (34 percent). What differentiates Hispanic-American millennials is that culturally relevant content continues to be key when engaging this demographic. Univision and Snapchat have partnered to create unique content (via Snapchat’s Live Stories) around Univision events to reach young, highly digital Hispanic-Americans who consume the networks content on mobile.
Multicultural consumers have paved the way for new technologies, especially in entertainment. Hispanic-American millennials spend more time consuming digital video than the national U.S. average, and nearly three in four Latinos own smartphones (72 percent), close to ten percent higher than average in the U.S. Hispanics are also starting to “Cut the Cord” and are live streaming entertainment and sporting events. According to Horowitz Research, 51 percent of Hispanics are spending more than 20 percent of their total TV viewing time watching live-streamed content and have the highest penetration of being able to stream to TVs.