Hispanic millennials in the U.S. are proving to be an influential sector in the country’s economic decisions. Their purchasing power is increasing as they are more educated and, without abandoning their cultural roots, they move smoothly in the anglo world. These “all-rounders” are revolutionizing purchasing behavior in the United States, also being a relevant source of remittances for the rest of Latin America.
As the years go by, the new generation of Latinos is gaining ground as a group of economic relevance. They are people born into the rise of the digital age but have a lot of analog influence. Their traditions and culture are still important. They become more relevant as they seek rootedness since they live in an anglicized world with physical traits, and the aesthetics surrounding them in their community are often more Latin than American.
They are about 15 million people with higher purchasing power than their parents leading to the increase in college admissions, have burst into the labor market, and are eager for entrepreneurship. They are a sign of the “American dream,” in the sense of the value of hard work and social mobility between generations.
As the American workforce ages, Latin Millenials are gearing up to fill new job opportunities. So, as their purchasing power continues to increase and their buying behavior remains digitally inclined, retailers that offer products for them will have to give better fulfillment and delivery chains that satisfy the market. Also, remember that they, having such a digital presence, are naturally a source of inspiration and aspiration for young people in Central and South America, who will also want to buy the products they use.
Emerging and positioned companies are in time to compete for the local and international market of Generation Z onwards since one of the factors that will keep them in the race will be the ability to distribute and deliver their products. Does your company have what the new market demands?
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