While younger Latinos are commanding widespread attention in the U.S. marketplace, a new Nielsen report highlights how older Latinos’ purchasing and consumption preferences can offer a unique opportunity for advertisers and marketers to extend their reach to a fast-growing consumer group in an increasingly multicultural U.S. society.
Today’s Hispanic 50+ consumer is not aging out, but aging up, as detailed in The New American Vanguard: Latinos 50+ Are Healthy, Wealthy and Wise. Hispanics are living longer, healthier, more active lives and are redefining the “golden years” of retirement. Currently, Hispanics 50+ represent roughly 10% of the U.S. population, or roughly 11.1 million. And the numbers are increasing. The U.S. Census projects that the group’s size will grow in five-year increments, reaching 24% (42.1 million) of the population by 2060.
In addition to size, increased household incomes for Hispanics 50+ are notable. From 2000-2013, the percentage of households headed by Hispanics ages 50-69 that earned $75,000 or more increased at an annual growth rate of 10.2%, compared with 7.6 % among younger Hispanic head-of-household adults. In fact, all income bands above $50,000 increase in this 13-year period, while the percentage of households with incomes under $50,000 decreased.
Older Latinos’ shopping and purchasing decisions are anchored in rich cultural traditions with family as the central focal point. Latinos 50+ are at the epicenter of the evolving social and cultural reality of several generations living under one roof. In 2013, 40% of the Hispanic 55-64 population lived in multigenerational households, compared with 23% of the total U.S. 55-64 population. For Hispanics 65+, the rate is even higher: 42% of the population lived in multigenerational households, compared with 21% of the total U.S. 65+ population.
These multigenerational households include at least two adult generations or a grandparent or at least one other generation. There is significant mutual benefit when families share in child care, cooking, transportation and shipping. Greater disposable income, more shared meals and family experiences lead to long-lasting brand impressions that span multiple generations.
The multigenerational living model helps older Latinos share their values with younger family members—providing a bond and a bridge to assist in sustaining their culture. A key factor is dialogue and language choices. Forty percent of Hispanics 65+ are bilingual—the highest level of any age group except 18-to-29-year-olds (42%) who have a strong tendency to speak English and Spanish with other family members in the household. The strong preference for speaking two languages is indicative of Hispanics’ view of themselves as equally American and Hispanic.
Meanwhile, more than half (56%) of Hispanics 50+ are foreign born. Both foreign-born and U.S.-born Hispanics exhibit a strong sense of maintaining cultural traditions:
For additional insights, download the The New American Vanguard: Latinos 50+ Are Healthy, Wealthy and Wise report.