The millennial generation is forging a distinctive path to maturity. Millennials are the largest generation by population, and will command $200 billion in purchasing power by 2017, a large portion of which will be performed digitally.
Now ranging in age from 18 to 34, Millennials are the first digitally native age group. They are also America’s most racially diverse generation. The Hispanic subgroup of this generation in fact are trailblazers when it comes digital media consumption.
According to BIA/Kelsey’s Consumer Commerce Monitor Study (CCM), Hispanic Millennials report higher likelihood of digital shopping activities than non-Hispanic Millennials. For example, they’re more likely to go online to qualify local purchases than non-Hispanic Millennials (33.3 percent vs. 26.1 percent).
Hispanic Millennials also report using devices when shopping for local products and services more frequently than non-Hispanic Millennials, with 30 percentof Hispanic consumers reporting they use a tablet daily for local shopping, and 40 percent report using a smartphone
Other Key findings from the study include: Hispanic Millennials:
— Used an average of 6.3 app for local shopping activities versus 3.4 app that non-Hispanic Millennials used for local shopping.
— Reported checking into a local business at least once within the last 6 months at a rate of 76.1 percent versus only 57.7 percent of non-Hispanic Millennials who checked in at local business.
— Reported increases in their social media use for local shopping in the last 6 months by 55.3 PERCENT Hispanic Millennials vs. 31.6 percent non-Hispanic Millennials.
The Hispanic Millennial Generation is the intersection of two groups which over index on digital and mobile technology adoption. Further understanding the Hispanic Millennial Consumer will help marketers and SMBs understand how early trends in our digital shopping future will go. Hispanic Millennials are on the forefront of digital.