Latino Youth Drive 70% of U.S. Population Growth, Becoming Key Influencers in America’s Future
September 13, 2024 07:00 AM Eastern Daylight Time
SAN DIEGO–(BUSINESS WIRE)–The Latino Donor Collaborative (LDC), a nonprofit organization and think tank dedicated to producing research that highlights economic opportunities for growth, has released its first-ever LDC 2030 Latino Youth Report™, available for download. Produced in partnership with Kantar, the world’s leading market data and analytics company, this groundbreaking report unlocks new insights about America’s most transformative population and provides the strongest evidence yet that this remarkable cohort, ages 12 – 34, is significantly influencing and reshaping our culture, economy, and political landscape. Today, 1-in-every-4 Gen Z and Gen Alpha in the U.S. are Hispanic, and 94% are American-born and raised.
“The insights from the LDC 2030 Latino Youth Report™ will be a central focus at the L’ATTITUDE Conference, where we gather the nation’s top business leaders to explore how to translate these critical data points into actionable strategies that will shape the New Mainstream Economy”Post this
Notably, the report rebuts some of the most pervasive misconceptions about U.S. Latino youth, who are not “just like” other young people and prioritize different values, indicating that business leaders, government officials, and key decision-makers should not ignore or minimize this positive opportunity. Kantar data shows that 68% of Latino youth, defined as ages 12 to 34 in this study, say that not enough brands do a good job of representing people like them or their community, compared to 57% of their non-Latino peers. Their feeling of being an afterthought has increased year-over-year from 71% in 2022 to 76% in 2024. It is critical to turn this trend around to help young Latinos feel seen, understood and important to the future of America’s brands and businesses.
Among the highlights:
Growth and Size: Hispanics accounted for 70% of the U.S. population growth between 2022 and 2023.
Work: Latino youth will be a driving force in the workplace, with Hispanics expected to contribute 78% of all net new U.S. workers between 2020 and 2030.
Spending: Hispanic consumer spending is projected to grow 1.3 times faster than non-Hispanic spending between 2020 and 2030. Categories where Hispanic spending is expected to outpace non-Hispanic spending include personal care (1.5x), food at home and clothing (1.7x), home electronics and personal computers (2x), and new cars (more than 3x).
Voting: Every year, some 1.4 million Latinos become eligible to vote. Latinos accounted for half of the growth in total eligible voters between 2020 and 2024. In November 2024, there will be 36.2 million Hispanic voters in the U.S., up 153% from 2000 when there were just 14.3 million.
Cultural Impact: Latino youth are at the forefront of a cultural renaissance, driving the popularity of Latin music, fashion, and other cultural expressions. Latin music was the fastest-growing streamed genre in the U.S. during the first half of 2024, with a 15% increase from the previous year. Latino youth are increasingly connected to their cultural identity, with 48% identifying primarily as Latino, rather than as bicultural or American in 2024, up from 36% in 2022.
Developed in partnership with L’Oreal, Colgate-Palmolive, TelevisaUnivision, and Capital One, premium brands whose perspectives and insights were invaluable in the research development and analysis, the LDC 2030 Latino Youth Report™ will be a key topic at the 2024 L’ATTITUDE Conference, taking place at the Manchester Grand Hyatt hotel in San Diego from September 12 – 15. L’ATTITUDE is the largest business event in the country focused on “The New Mainstream Economy,” helping executives and business leaders understand the U.S. Latino cohort driving its growth and stay abreast of the latest economic trends and opportunities.
“U.S. Latino youth are at the forefront of driving cultural innovation, economic growth, and political change. Their values, aspirations, and influence are reshaping American society. This is not hyperbole; rather, it is supported by groundbreaking new data. This report is essential for anyone looking to engage with the key forces that will shape the nation’s future. Ignoring this generation would mean missing out on a crucial component of our country’s progress,” said Ana Valdez, CEO and President of LDC.
“The LDC 2030 Latino Youth Report™ is the result of a collaboration between Kantar’s experts, the LDC and our sponsors, utilizing Kantar’s methodology and data assets. Even with the volume of existing research that clearly indicates Gen Z and Gen Alpha Latino youth should be a priority for marketers, this group continues to be undervalued. We are grateful for the support from our sponsors, who continue to successfully demonstrate that brands grow through being meaningfully different to more people, and proud to partner with LDC and build on its significant research that reveals the profound impact of Latino youth,” said Wayne Levings, CEO Americas and Group Chief Client Officer at Kantar. “Latino youth are not only shaping today’s consumer trends but are also redefining what it means to be American in a modern, multicultural society.”
“The insights from the LDC 2030 Latino Youth Report™ will be a central focus at the L’ATTITUDE Conference, where we gather the nation’s top business leaders to explore how to translate these critical data points into actionable strategies that will shape the New Mainstream Economy,” said Sol Trujillo, Chairman and Co-founder of LDC and L’ATTITUDE.
“The findings of the LDC 2030 Latino Youth Report™ showcase the power of the Hispanic market, and what the future holds for this growing population,” said Roberto Ruiz, Executive Vice President of Research, Insights and Analytics at TelevisaUnivision. “The coming of the minority majority is here – Latinos are a driving force across the economy, election, culture and so much more. This research confirms that Culture (La Cultura) is a uniting force among young Latinos. Investing in this generation will be the key to success for brands looking to engage and grow with this influential group.”
“The new LDC 2030 Latino Youth Report™ confirms what we’ve seen firsthand in our consumer insights, which is that Latino youth are driving trends, redefining inclusivity, and expecting authentic engagement from brands like ours,” said Sandra Villarreal, Senior Vice President of Consumer Insights, Analytics, and Customer Data Strategy for L’Oréal USA. “Their influence is undeniable, and we are committed to not only understanding their values and aspirations but also to amplifying their voices, ensuring they feel considered and reflected in our products and activities, and supporting their journey as they redefine what it means to be American.”
“Collaborating with Kantar and L’ATTITUDE has been an incredible experience! The team’s passion and commitment to really dive into Hispanic youths’ lives and perspectives and understanding their influence on our collective future resulted in powerful insights that spark a drive for change and inspire meaningful actions. The Hispanic community is truly unique and a special cohort for Colgate-Palmolive and I’m looking forward to leveraging the learnings,” said Manuela Isliker, Foresight & Innovation Insights at Colgate-Palmolive, North America.
About Latino Donor Collaborative
The Latino Donor Collaborative (LDC) is an independently funded 501(c)(3) nonprofit organization and think tank. LDC has consistently provided economic and business data through meticulous research and fact-based insights. Its reports have become essential tools for American resource allocators, highlighting the growing opportunities emanating from the myriad contributions of U.S. Latinos across the societal spectrum. Learn more at https://www.latinodonorcollaborative.org/.
About Kantar
Kantar is the world’s leading marketing data and analytics company. We have a complete, unique and rounded understanding of how people think, feel and act; globally and locally in over 90 markets. By combining the deep expertise of our people, our data resources and benchmarks and our innovative analytics and technology, we help our clientsunderstand peopleand inspire growth.
About L’ATTITUDE
The brainchild of international business executive Sol Trujillo and NAHREP Co-Founder & CEO Gary Acosta, L’ATTITUDE hosts a world-class slate of CEOs, celebrities, economists, educators, entrepreneurs, journalists, politicians and industry influencers at its annual conference. Participants engage in open dialogue about the latest facts and data regarding America’s Latino Factor and the New Mainstream Economy. As the name implies, L’ATTITUDE is about staying on course to a growing and sustainable economic future for America. U.S. Latinos, our country’s youngest cohort, represent nearly 1 in 5 Americans, and account for over $3.2 trillion in GDP, making it the 5th largest economy in the world if it were a stand-alone country. L’ATTITUDE features presentations, panel discussions, interactive sessions, and entertainment featuring leading celebrities.
About this study
The Latino youth study focuses on ages 12 to 34, but some sections reference the total Latino population, particularly when reporting on demographics, consumer spending, and voting estimates.
Contacts
For Latino Donor Collaborative:
Daniel Ahern / Ellie Kuhen
The Pollack Group
dan@pollackgroup.com / ellie@pollackgroup.com
For L’ATTITUDE:
Andrea Dalessio
BODEN Agency
andrea.dalessio@bodenagency.com
For Kantar:
Adrienne Pulido
Adrienne.pulido@kantar.com
source link – https://www.businesswire.com/news/home/20240913810623/en