Most marketers view their role as driving demand, either via upper funnel branding and awareness activities or lower funnel direct response, sales and retention activities. Advertising is generally viewed as one of the primary tools to drive consumer demand. But what is at the core of driving consumer demand? Changing consumer behavior.
Even the most jaded endocrinologists in the audience were stunned to hear the story at the National Hispanic Medical Association conference.
You know Hispanic Millennials – Hispanics aged approximately 21-37 – are a critical, coveted segment of the U.S. Hispanic market. They are comprised of the two most historically attractive consumer segments of 18-24 and 25-34 year olds. They represent more than 27% of the entire Hispanic population and are growing – mainly due to immigration.
Move over Millennials – here comes Gen Z. Who are they? Definitions vary but most demographers define Gen Z – also referred to as Centennials, iGen, or Plurals – as consumers born between 1995 and 2010.
When most marketers think about Millennials, they often miss the fact that almost half (43 percent) of all Millennials living in the U.S. today are multicultural Millennials – Hispanic, Asian, African-American, or mixed-race Millennials. Some put a heavy emphasis on Hispanic Millennials.
Hispanic Millennials, those aged 18 to 34, represent the largest segment of the Hispanic population after Generation Z (aged under 18). Their size and the purchasing power they wield provide a great opportunity for food marketers who want to tap this vital segment.
Hispanic Millennials have come of age with technology and social media. Not surprisingly, they have become very adept in using technology in their daily lives and staying connected to the world around them.
I’ve discussed how Corporate America is “moving multicultural out of the silos.” Marketplace dynamics are clumsily driving this shift in the form of the total market approach, as brands look to stay relevant and grow in the increasingly minority-majority reality of Millennial and Gen Z popu
The “millennial experts” of today have replaced the “social media experts” of the previous decade. This new cottage industry is driven by demand from large organizations and brands that are still trying to figure out how to make the millennial market work for them.