MCLEAN, Va., April 30, 2013 /PRNewswire-USNewswire/ -- "To know thy own target audience" could be the mantra of today's successful marketing campaigns. Hispanic Millennials, GenXers and Boomer generational segments have unique consumer buying patterns. How they view the marketplace is influenced by a combination of macro-trends of their respective generations, by their lifestage priorities, and by their cultural orientation. This AHAA study, in collaboration with AARP, Targeting the Best Hispanic Consumer: A Generational and Cultural Orientation Study, dives into the differences in buying behavior of these segments as well as how they compare to their general market counterparts. In doing so, this study identifies business building opportunities for marketers.
In this time of a growing Hispanic demographic, corporate focus on ROI, and an increasingly competitive market, Thought Leadership is vital for Hispanic marketers to succeed. Through a series of research studies, webinars and strategic partnerships with the best market research companies, AHAA is leading the charge to help educate marketers on the increased need to segment properly for higher ROI and not treat the vast Hispanic market as a "one size fits all."
The study, underwritten by AARP, used Scarborough USA+ (2012) to measure product usage and Doublebase GfK MRI (2012) to measure attitudes and conducted a broad field study that tied the findings to key cultural metrics.
Generational buying patterns and behaviors reveal new opportunities
There have been significant demographic changes since 1980. Sixty percent of all Hispanics are U.S. born, and there are record numbers of multigenerational and multiracial households in the U.S. Coupled with linguistic and cultural differences among Hispanics and the expansion of online and social media, marketers are faced with new challenges and need to take greater measures to understand the differences among Hispanics.
The AHAA Generational Study delved into how generational segments behaved towards several aspects of Latino and Anglo cultures, such as food, music, language, media usage, and celebrations among others, and how the variations play a role in different category buyers when contrasted by generational segment. AHAA found that the cultural orientation of different category buyers often varies, widely suggesting that marketers that leverage relevant cultural cues to its target audience by generational segments can create a greater competitive advantage than those who treat all Hispanics (from Boomers to Millennials) as one monolithic segment.
Specifically, the study points out that there are huge opportunities for marketers in key categories where Hispanics are more likely to be its buyers.
Here are six major areas that sum up the findings:
1. Life is Wireless - All generational segments are 77 percent more likely to plan to switch wireless plans than their Non-Hispanic counterparts. 2. Life is Entertainment - Hispanic Millennials are 40 percent more likely than non-Hispanic Millennials to attend opening weekend. 3. Sweet Home Means Furniture - Hispanics in total are 40 percent more likely than Non-Hispanics across all generational segments to purchase furniture. 4. Fun is Also Traveling Abroad - 26 percent of Hispanics in total are more likely than Non-Hispanics to travel internationally, especially among Latino Boomers (50%). 5. The Globe Matters - Latinos are eco-conscious with their purses conserving water, buying energy efficient bulbs and home windows. 6. Family Remains the Top Priority - Latinos over index on purchasing children's clothing for their families, especially among older Millennials and GenXers.