Hispanic millennials in the U.S. are the subject of an ongoing research study developed by cross-cultural advertising agency Sensis and market research firm ThinkNow Research. The Hispanic Millennial Project is unveiling its fourth wave of research, focused on the retail and shopping behavior of this key demographic, which represents 21 percent of all millennials in the U.S market.
The project studies Hispanics’ attitudes toward health and nutrition, financial services and—in its forthcoming report—retail behaviors in the food and beverage category. The first wave of research introduced Hispanic millennials and provided context for this influential group at the intersection of two prominent demographics.
Hispanics already represent the majority of millennials in key metropolitan areas such as Los Angeles, Miami and San Antonio; however, the research indicates that in the five years from 2013 to 2018, non-traditional markets such as Indianapolis, Atlanta and Nashville will experience the fastest growth among this demographic.
Hispanic millennials do not merely represent future buying power; those who live with their parents are currently contributing more to household expenses than their non-Hispanic counterparts. Thirty percent reported that they contribute either half or the majority of their finances to their household, compared to only 9 percent of non-Hispanic millennials. In contrast, 30 percent of non-Hispanic millennials reported that they do not contribute at all financially to household expenses.
ThinkNow Research surveyed 900 individuals, representing equal segments of Hispanic millennials, Hispanics 35+ and non-Hispanic white millennials. In addition to the online survey data, the report takes into account third party studies and syndicated research from outlets such as the U.S. Census Bureau.