As the beginning of a new year approaches, many people revise their business plans to see where to allocate their money, energy, and effort; it is no different in the real estate industry. Now is the time to put ‘the pieces of the puzzle’ together and create a business plan for 2017.
Throughout the year, week after week, we have given you enough data to show that the Hispanic community makes up a major segment of future homeowners. Recently, MediaPost released an article mentioning that marketers are not only focusing on the millennials in the Hispanic market, but are also starting to pay attention to the next generation, Generation Z.
“The youth movement is even more dramatic in the Hispanic Market, where most of the U.S. economic growth is these days. Millennials make up 29% of the Hispanic population while Gen Z makes up 36%. Combined, Millennials and Gen Z make up a whopping 65% of the U.S. Hispanic Population.”
Here is a chart showing the generational breakdown of the Hispanic population in the U.S.:
Here are some points from MediaPost that may be important as you make your business plan:
- Most Hispanics in the U.S. are young, and are therefore digital-natives! Focus on digital media; Hispanic Millennials and Gen Zs spend most of their time consuming digital media (45 hours a week for millennials).
- Not everything has to be in Spanish! Focus on culture instead of language; according to the article, “the top awarded creative in the Hispanic ad business was in English.” These generations are bilingual and they consume products that focus on their culture, even when they are written in English.
As we have mentioned many times, you must get to know the Hispanic community in your marketplace so that you can focus on their needs. If you respect their culture, you will find a loyal community that is in turn accepting and appreciative of your efforts in helping them to achieve the American Dream of homeownership!