The 50+ segment of the Hispanic market has officially come of age
For the past several decades, the conversations and editorial content in multicultural marketing have focused on how the Hispanic market is a younger market. Given Corporate America’s ongoing obsession with the Youth and Millennials, this has been an appealing selling point that many have used to gain the commitment of marketers and secure marketing budgets. While true, the tide has officially turned and the 50+ segment of the Hispanic market gained some much-deserved attention at two concurrent, high profile industry forums.
One was a presentation at the DTC Perspectives Multicultural Health National Conference in Fort Lauderdale, led by Louis Maldonado, Partner and Managing Director at d expósito & Partners. The content of his presentation highlighted several demographic updates and provided compelling insights to demonstrate why marketers should care about Hispanics 50+. These included:
* The Hispanic 50+ population is growing 5 times faster than the total 50+ population and faster than younger Hispanic segments. In fact, the country’s total 50-64 population would have declined had it not been for Hispanic population increases in that age group.
* They are living longer, with a longer life expectancy than non-Hispanic whites, and they prioritize living healthy lifestyles since, to them, good health is the foundation for a happy life.
* They are family patriarchs committed to preserving Hispanic culture, values, beliefs, traditions and the Spanish language.
* They have unique needs and challenges regarding healthcare. Beyond high prevalence of key disease states, affordability of healthcare and caring for the health of loved ones are challenges we will have to continue addressing.
* The large majority has health insurance, access the internet and use of mobile devices.
Almost simultaneously, Nielsen held one of its signature events in New York City, where they unveiled a new report entitled “Latinos 50, the New American Vanguard”. The event included a panel discussion with participants from AARP, Nielsen and the Hispanic Federation, and covered the significant progress made in the areas of population growth, household income and consumption, and the positive, influential role they play within their families. The conversation also highlighted real challenges being faced by 50+ Hispanics and served as a forum for discussing several important issues affecting this segment and, as a result, the broader Hispanic community.
Multicultural Marketing Resources, Inc.