Hispanic millennials, GenXers and boomers all have their own buying patterns and should be marketed to accordingly, a new AHAA study points out.
The report, Targeting the Best Hispanic Consumer: A Generational and Cultural Orientation Study, explores and compares the buying habits of various segments of the Hispanic market. It's a reminder that one size doesn't fit all, especially among a population as diverse as U.S. Hispanics.
Savvy marketers will get a competitive advantage by not treating Hispanics as a monolithic marketing segment. While Hispanics are more likely to travel abroad than their non-Hispanic white counterparts, for instance, Hispanic boomers are particularly more apt to do so.
The study also looks at similarities and differences between Hispanics and non-Hispanic whites in their approaches to social media, culture and buying habits.
Hispanics are more likely to switch wireless plans, buy furniture and make environmentally aware purchases such as energy-efficient lighting and windows. Hispanic millennials are likely to focus on wireless technology and are more likely to use debit cards, while GenXers are at the peak of their buying power and can afford more expensive gadgets. They're also more likely to buy things for their families, such as children's clothing and home accessories. Boomers are more likely to be interested in investments and are more likely to buy new cars than their younger counterparts.
While U.S. Hispanics share many cultural values, the study points out, demographic variables such as language, birthplace and media consumption all heavily affect buying decisions, leading to more marketing categories. That leads to a need for a broad mix of strategies and tactics.
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.
For more information on this study, visit http://ahaa.org.
AHAA: The Voice of Hispanic Marketing, headquartered in McLean, Va., and founded in 1996, provides forums for the discussion and dialogue between brands and industry professionals.
SOURCE AHAA: The Voice of Hispanic Marketing
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