There is a big reason why marketers have spent the last five years obsessed with Millennials – the numbers. Millennials total 75.4 million and have overtaken Baby Boomers as America’s largest generation. The business community is also starting to pay attention to the next generation, Gen Z. This group of people under the age of 20 is already almost as large as Millennials.
Last week, an object lesson in health care marketing and branding nearly escaped notice outside of HIV/AIDS circles.
This month, I had the opportunity to both attend the ANA Multicultural Conference and participate in the launch of the We Are Gen Z Report. It was an interesting intersection of where cultural marketing is today and where I think it’s going in the future.
Most marketers view their role as driving demand, either via upper funnel branding and awareness activities or lower funnel direct response, sales and retention activities. Advertising is generally viewed as one of the primary tools to drive consumer demand. But what is at the core of driving consumer demand? Changing consumer behavior.
Even the most jaded endocrinologists in the audience were stunned to hear the story at the National Hispanic Medical Association conference.
You know Hispanic Millennials – Hispanics aged approximately 21-37 – are a critical, coveted segment of the U.S. Hispanic market. They are comprised of the two most historically attractive consumer segments of 18-24 and 25-34 year olds. They represent more than 27% of the entire Hispanic population and are growing – mainly due to immigration.
Move over Millennials – here comes Gen Z. Who are they? Definitions vary but most demographers define Gen Z – also referred to as Centennials, iGen, or Plurals – as consumers born between 1995 and 2010.
When most marketers think about Millennials, they often miss the fact that almost half (43 percent) of all Millennials living in the U.S. today are multicultural Millennials – Hispanic, Asian, African-American, or mixed-race Millennials. Some put a heavy emphasis on Hispanic Millennials.
Hispanic Millennials, those aged 18 to 34, represent the largest segment of the Hispanic population after Generation Z (aged under 18). Their size and the purchasing power they wield provide a great opportunity for food marketers who want to tap this vital segment.