"Debunking the Millennial Myth," an AdvertisingWeek event held on Monday, Sept. 29, shared industry secrets, including how to target the Hispanic market from a place of strength and education.

National marketing firm Pinta, which is well-versed in the nuances of cross-cultural marketing, facilitated the presentation that helped to kick off "AdvertisingWeek," taking place between Sept. 29 and Oct. 3, 2014. Mike Valdes-Fauli, president and CEO, and Joe Gutierrez, head of Strategic Planning at Pinta, presented impressive statistics and newfound data to a group of hungry onlookers, who were eager to know how to tap the Hispanic millennial market.

With a youthful, bilingual and bicultural staff, Pinta proved that they're qualified to assert their understanding of the millennial market, particularly where Hispanic millennials are concerned. They promptly announced that there was no "one size fits all" approach to attracting millennials, and millennials are not "static or homogeneous."

While myth dictates that millennials are "entitled," "narcissistic," "#humblebraggers" and "apathetic faux activists," Pinta discovered through their partnership with Florida International University that there are distinct differences between millennials overall and Hispanic millennials.

Hispanic millennials are, first and foremost, Hispanic. There are 53 million Hispanics in the U.S., and 21 million of them are millennials. Hispanic millennials "overindex in overindexing," proving that they can be impulsive shoppers who "live beyond means." Their documented $1.3 trillion spending power proves this, as well as the fact that across all categories Hispanic millennials tend to spend more money on food, technology, travel and fashion.

Half of Hispanics are millennials, and 20 percent of Hispanic millennials live in multigenerational homes. Forty-five percent of Hispanic millennials live with their parents, and that number jumps to 59 percent among bilingual and bicultural Hispanic millennials. This is important because "the purchase decisions that they are making affect a broader group of people."

Twenty-two percent of Hispanic millennials help with household finances, compared to 9 percent of non-Hispanic millennials. This is a huge indicator that Hispanic millennials have a voice when it comes to household purchasing decisions. "At a younger age, [they're more likely] to help with picking the brand of soap," said Valdes-Fauli.

They also assist their families with maneuvering through the American system. Again, this is important because at an earlier age than many other groups, they are aware of adult issues (e.g., health insurance, car registration), said Gutierrez. Additionally, Hispanic millennials tend to have children younger than non-Hispanic millennials.

Hispanic millennials tend to be close friends with extended family; they're more optimistic; they tend to doubt the government less than all other millennials; and they're more eager to commit to hard work on day-to-day basis. U.S.-born Hispanic millennials are just as likely to attend college as non-Hispanic millennials; they're more likely to be entrepreneurial; 54 percent use mobile devices.

Foreign-born Latinos are more likely to choose full fat dairy products. U.S.-born Hispanic millennials report that nutrition is important, though they are drawn to fast food and convenience. Overall, Hispanic millennials, enjoy traditional American food, but they overwhelmingly enjoy abuela's empanadas, distinguishing between food at home and "American food." Also, Hispanic millennials appreciate it when big brands incorporate brands associated with Latin America. The dulce de leche flavor has been successfully adopted by numerous brands, including Häagen-Dazs.

Hispanic millennials also openly embrace pop culture and yet understand that associating with Hispanic roots is important, particularly when addressing one's country of origin. Sixty-seven percent want to stand out and be recognized as Latino.

"Close to 70 percent, regardless of language preference, still consider the Latino culture an important thing. And they tend to reward brands that acknowledge that," Gutierrez said.

"What does this mean for us? We've gotten down in the weeds about the subtle differences between Hispanic millennials and the overall millennial market, and we've kinda proved to you that they're critical nuances because [Hispanic millennials] are a sub-segment of the millennials, but in terms of how brands are making money or not, capitalizing on the opportunity. ... There are big sectors that are doing it right ... from automotive retail and others. There's a huge over indexing of millennials helping these brands win in a less cluttered category."

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