There is growing evidence that marketing people are beginning to realize that baby boomers are the largest U.S. consumer group and, with the greatest buying power, the richest. But what do you know about one group of boomers, who make up more than 10% of our generation? Annette González-Malkin of Hunter Public Relations fills us in.
Many Latino baby boomers live in multigenerational households that are larger than those of the general population. Latino boomers are often the primary caregivers for their aging parents, and key decision-makers when it comes to insurance, financial planning, and the family’s overall well being.
They keep close ties to their nations of origin. Many are foreign-born themselves. From preserving culinary traditions and staying on top of politics back home to providing financial support to their loved ones in their home countries, they are their families’ links to their rich heritage, and they strive to pass along that pride to their children and grandchildren.
Marketers finally are figuring that out, and a few did a long time ago. State Farm Insurance, for example, is a long-time investor in the Hispanic community, a corporate brand that focuses on boomers. Marketing efforts with Latino boomers begin at the grass roots, and extend through partnerships with organizations like the National Association of Latino Elected and Appointed Officials and the National Council of La Raza.
They also often have a presence at cultural events to tap the Latino boomers’ lifestyles and try to earn their trust.
Here are a few similarities and differences about Latino boomers:
- Like the younger generations, Latino baby boomers are digitally connected and using the Internet to keep up with news in their country of origin, and also as an informational tool to learn more about products and services that interest them.
- Unlike the younger generations, they are more likely to visit a brand’s actual website than to rely on user-generated opinions. This provides a brand the opportunity to become an educational resource and help drive brand loyalty and trust.
- These multigenerational households are influencing each other’s buying habits; sometimes the younger generations are guiding the boomers on how they access information.
If there is one thing to walk away with, it is this: the Latino market is not homogeneous, and savvy marketers would serve themselves, and their potential customers, by looking beyond language and assimilation levels to understand the Hispanic boomer’s passions, behaviors, values, and purchasing decisions.
Annette González-Malkin is VP at Hunter Public Relations in New York City dedicated to the agency’s Hispanic strategies and solutions practice.
(Special thanks to PRWeekUS.)