It's Dangerous To Ignore The Impact Of Hispanic Millennials (More on the article later)
It isn't all that ironic that he sent this to me, after all he is Hispanic - Cuban Hispanic heritage to be exact. (His father immigrated from Spain to Cuba, then to the U.S.)
He wanted to point out to me that he believes this huge segment of the population is being ignored in our industry, and many others as well may be ignoring the Hispanics population's HUGE potential purchasing powerhouse that it is.
I bet this will get your attention to read more
why is the Furniture Industry ignoring this demographic?
Needless to say, RTG did their research and licensed probably one of the most liked, well known and respected Hispanic actresses. Here's a quick rundown on her;
not convinceD yet?
Some facts about this influential demographic
$1,700,000,000,000 of purchasing power
and there is more.....
Back to the ORIGINAL article my friend sent to me that inspired this blog
It's Dangerous To Ignore The Impact Of Hispanic Millennials
"Search SlideShare, (BTW owned by LinkedIn) and you will find over 15,000 presentations tagged with “Millennials.” One thing they almost all have in common is the “Diversity Slide.” It is usually just that — a single slide providing some top line demographic data on Millennials. It states that Millennials are one of the most diverse generational cohorts in history. Then the presentation moves on, never to discuss multicultural Millennials again.
They essentially are ignoring 40% of Millennials in their analysis and prescriptions. These Millennials are the future of our economy. These “experts” and the organizations they counsel fail to consider the huge impact multicultural Millennials, particularly Hispanic Millennials, will have on popular culture, buying trends and future marketing more broadly.
Emerging Hispanic Markets, on the other hand, are the new Hispanic immigrant gateways in the Southeast and Midwest, places like Georgia, North Carolina, Ohio, Wisconsin and Nebraska. These markets are seeing double-digit Hispanic population growth, driven by foreign-born Hispanic millennials who are expected to increase by 20-35% in the next five years in these markets. The attitudes and beliefs of foreign-born Hispanic millennials today provide a glimpse of future Hispanic market buying trends in this new Hispanic market such as:
- Hispanics will be one of the last bastions of the 4+-member household, driving future home ownership and corresponding food, beverage, toy and CPG spending.
OH and guess what?
they are very social
Social Media allows Hispanics to stay connected with family not only in the United States but also in their home country. Social media campaigns geared toward the Hispanic community must be tailored toward the target market — each segment of the population has different online habits.
- Online Habits. 18-49 year olds view online content and social networking sites as a practical resource for their everyday lives.
- Reviews. This age group routinely passes their reviews along to family, friends, and colleagues and are also more likely to pass on or share negative opinions online with them.
- Interconnected. They are more likely to have membership across many platforms (Facebook, Twitter, etc.) They are also more likely to access social media using their phone.
- Online Habits. Today’s Hispanic baby boomers account for an estimated 10% of the US boomer segment and are extremely brand loyal. They go online to access information on the things that are already familiar to them (particular brands, newspapers from their hometown or country of origin, etc.)
- Mix it up. A social media campaign geared toward Hispanic babyboomers must blend traditional media outlets (broadcast, radio, print) with an online component. A great way to implement this is to include a call-to-action in a television commercial for viewers to access the company’s Facebook page for a chance to win an awesome prize.
- Spanish language is key. According to a Latinos Online report from the Pew Hispanic Center, 32% of Spanish dominant US Hispanic adults are online. So having content in Spanish is pretty essential to reaching this segment of the population.
my last question.....
after all of this information....
WHY IS IT YOU ARE NOT EMBRACING HISPANICS AS A BRAND - RETAILER OR SMALL BUSINESS?
WHY IS IT....
He has been the chief marketing officer of several small, medium and large companies throughout his career, most notably Ashley Furniture Industries Inc from 2000-2005.
Currently he is a strategic management and marketing consultant to
Englander Mattress and several other companies in the home furnishing industry.
Bill is also a featured writer and speaker in the retail industry. His vast understanding of the issues retailers and brands face to compete in the digital arena, coupled with his humorous interpretation of his knowledge of trends, facts and solutions for helping companies compete, makes for an engaging and informative session for every brand or retailer that attends his sessions.
His passion is to help retail brands & brick mortar retailers grow their business by creating, guiding and deploying successful marketing B2B/B2C solutions integrating traditional marketing with the web/social media.
"Bill Napier is also known to many of the RetailerNOW Magazine readers as the man who likes to “Rant” and we think that is a good thing…
Sharing frustrations as well as common sense solutions has been his M.O. for years.
Delivering the goods each and every time he writes or speaks at our National Conferences, Bill says what he means and means what he says."
The RetailerNow Editorial Staff