Latinos aged 50+ are strong consumption influencers
Study shows findings about the influence of Hispanics 50+ in several generations’ consumption behaviors.
A report by Nielsen, The New American Vanguard: Latinos 50+ are healthy, wealthy and wise, explores the consumption habits of Hispanics 50+, who redefined what it means to live in the “golden years” and are leading the way of the US-born younger generations, extending a strong cultural influence over their families and directly impacting their communities.
Latinos 50+ live longer (with a life expectancy of 83.5 years, compared to 78.7 years for non-Hispanic Whites), standing at the cross-section of major demographic and social trends. Incomes in households headed by older Latinos are also rising at a faster rate, establishing increased wealth potential. From 2005 to 2013, the percentage of households headed by Hispanics aged 50 to 69 making $100,000+ annually increased from 14% to 20%.
This age group plays an important role in the segment of US-born young people, as they are direct influencers not only in cultural terms, but also political and economic. “These are the original innovators, unsung influencers and true pioneers who laid the groundwork for the booming economic force that the Latino consumers represent today,” said Luis Miranda Jr., a member of the Nielsen External Advisory Council.
According to the study, at 11 million people, Hispanics 50+ represent 10% of the total population and are expected to reach 42 million or 24% by 2060, according to the US Census. As more than half of US Hispanics 50+ are foreign born, a strong connection and affinity for Spanish- and Latino-influenced consumer behaviors will continue to drive purchasing behaviors into the future. Cultural ties and traditional values are what binds Latino generations and makes larger Latino households vibrant and unique.
Understanding their consumption behaviors
The study is divided into 4 sections, addressing issues such as the new mainstream where they are moving, their buying behaviors, their media and digital behavior, and their cultural and political influence in society.
These are some aspects highlighted in the study:
-Older Latinos buy more frequently than non-Latinos.
-They visit shops more frequently than non-Latino Whites and buy for the people of all ages at their households.
-Latinos 50+ are brand-loyal consumers who provide a model for the spending habits of younger generations of Hispanics.
-Hispanics in the 50-64 age range watch 162 hours of traditional TV each month. Hispanics 65+ watch a total of 230 hours per month, nearly doubling the average 121 hours of viewing for Hispanics of all ages.
-64% of US-born Latinos 50+ say they are interested in watching live TV on their smartphone.
-Latinos between 50 and 64 years old spend more time on Google Search, Gmail, Pandora and Google+ than those 18-49.
-There is significant mutual benefit when families share in child care, cooking, transportation and shopping. This means greater disposable income, more shared meals, and family experiences that lead to a unique opportunity for advertisers and marketers
-Led by older Hispanics, buying and shopping decisions are intrinsically communal ones, often including relatives of other races and ethnicities, extending and amplifying shopping habits and choices across a wider range of products and services.
-Hispanics 50+ are highly appreciative of the benefits of living in the U.S. and most responsive to brands, products and services.
Read the full report here: hispanic-consumer-report