Nielsen tracks promising demographic – baby boomer Hispanics
NEW YORK – Hispanics over the age of 50 are a growing group in an increasingly younger multicultural society, and are exerting cultural, economic and political influence on the evolving U.S. mainstream, according to a Nielsen report released Tuesday. The report, "The New American Vanguard: Latinos 50+: Healthy, Wealthy and Wise," reveals that while younger generations are garnering the bulk of media attention, Hispanics over 50 represent 10% of their age cohort in 2015 and are expected to grow to 42 million, or 24% by 2060.
"America is growing more and more diverse with younger generations commanding the attention, but in order to understand the Hispanic millennial cultural influence, it's vital for marketers to understand the generation that precedes them," said Mónica Gil, SVP and general manager, multicultural growth and strategy, Nielsen. "This report provides insights into one of the most influential multicultural consumer segments in the U.S. mainstream."
"Hispanics over the age of 50 have not aged out, but are aging up with an influence that extends to multiple generations. These are the original innovators, unsung influencers and true pioneers who laid the groundwork for the booming economic force that Latino consumers represent today," said Luis Miranda, Jr., Nielsen external Hispanic/Latino Advisory Council member. "Nielsen has long been a champion for the importance of diverse and inclusive insights and data, and is uniquely positioned to help their clients to make fully informed, data-based decisions around multicultural consumers."
The new report provides insights on how Hispanics over 50 are responsible for much of the Hispanic population explosion, influence and power today in America. With a life expectancy of 83.5 years, compared to 78.7 for non-Hispanic Whites, this group is living longer and stands at the cross-section of major demographic and social trends.
Incomes in households headed by older Latinos are also rising at a faster rate than those headed by younger counterparts. From 2005 to 2013, the percentage of households headed by Hispanics ages 50 to 69 making $100,000-plus annually increased from 14% to 20%. In addition, the growing wealth of Hispanics over 50 has extended their influence in the buying and shopping decisions of increasingly multigenerational households.
Hispanics over 50 will continue to see their political clout increasing in future elections as the size and growth of the Hispanic population fuels an overall rise in Hispanic voters; those 50+ could be the decisive swing vote in many local and state elections. Top issues in order of importance for registered Hispanic voters are education, employment, the economy and healthcare.
Nearly three-quarters (73%) consider immigration very important, or extremely important.
The older Hispanic population is concentrated in four states: California, Texas, Florida and New York, which have 55, 38, 29 and 29 electoral votes respectively.
Hispanics have lower mortality rates in seven out of the 10 leading causes of death in the U.S. In the first few years after immigrating to the U.S., Hispanics also tend to have lower smoking rates, better diet and better general health. This is translating to Hispanics living longer and having healthier, more active lives.
Today Hispanic-Americans life expectancy is 83.5 years compared to 78.7 for non-Hispanic Whites. This means more buying and viewing power, for longer.
As many as 40% of Hispanics ages 55+ lived in multigenerational households in 2013, compared to just over a fifth of the total population in that age group. Communal living arrangements provide some significant mutual benefits when it comes to caring for children, cooking, transportation and shopping. This means greater disposable income, more shared meals and family experiences as well as unique watching and buying behavior.
Percentage of households headed by Hispanics ages 50-69 who earn $75,000+ saw a sharp increase from 2000 to 2013. All income brackets above $50,000 showed an increase, while the percentage of those earning incomes under $50,000 decreased.
Buying power is important, because older Hispanic shoppers buy more frequently than non-Hispanic shoppers. Hispanic Boomers over–index non-Hispanic White peers in seven of 11 departments (e.g., health and beauty aids, general merchandise, non-food grocery, packaged meat, dry grocery, fresh produce and alcoholic beverages).
The report was released during a Town Hall event in New York City, hosted by Nielsen and the company's External Hispanic/ Latino Advisory Council — engaging Latino advocates, policy makers, marketers and professional community leaders — to discuss the growing importance of this consumer segment.