Source: Marketing Charts
Focalyst, a reseach firm specialized in seniors and boomers, presented the results of a new study that provides valuable insights on one of the most complex segments of the U.S. Hispanic population: seniors
Hispanic Boomers (those born between 1946 and 1964) represent approximately 10% of the US Boomer segment – over 7 million consumers – but cannot be segmented by language alone, a Focalyst study concludes.
“Marketers need to look beyond language and understand the demographic, attitudinal and behavioral differences within the Hispanic Boomer market in order to reach this target,” said Jack Lett, executive director of Focalyst.
Two in three Hispanic Boomers are “more acculturated,” considered either “Bicultural” or “Acculturated,” Focalyst said:
•Bicultural Hispanics – 24% of Hispanic Boomers – are US-born or foreign-born and have lived many years in the US; they are bilingual and consume both English and Spanish media; they identify with aspects of both cultures.
•Acculturated Hispanics – 41% – are US-born and English-dominant; they consume English media; and they identify strongly with American culture, but still keep ties with their Hispanic culture.
•Unacculturated Hispanics – 35% – are foreign-born and speak Spanish in the home; they consume more Spanish than non-Spanish media; and they identify strongly with their native culture.
The study found that Bicultural Hispanic Boomers…
•Earn 23% less income on average than General Market Boomers ($56,607 compared with $73,921) – though they are equally likely to be employed (77%).
•Are more likely to be married or partnered (75%) than both Acculturated (64%) and General Market Boomers (69%).
•Are less likely to be college educated – 55% of them have a college education, compared with 69% of Acculturated Boomers and 73% of General Market Boomers.
Hispanic Boomers live in larger households (3.3 people per household vs. 2.9 for the General Market), often made up of younger children, adult children, or older relatives. Bicultural households have the largest household composition (3.6 people):
•Acculturated Boomers are the most likely to be a caregiver for a family member, with 14% recently taking on this role.
•Besides supporting larger households, one in four Hispanic Boomers are providing substantial financial support to someone outside of their homes.
Acculturated Hispanic Boomers are more likely to aspire to continue their education (28%), whereas Bicultural Hispanics have more entrepreneurial desires – 32% said they want to start a new business, compared with 17% of General Market Boomers:
•More than half (51%) of Bicultural Hispanic Boomers said it is important that their family think they are doing well:
•Fully 86% of Bicultural Hispanic Boomers agreed that they have been fortunate in life, and 80% said they have accomplished a great deal – more so than General Market (77%) and Acculturated (76%) Boomers.