Hispanics are becoming a significant influence in mainstream culture in the U.S. Not only are they the largest minority group, but also the fastest growing segment. It is estimated that 1 in 5 people are Hispanic in the U.S., and that number will increase to 1 in 3 by 2050. Just about every business needs to pay attention to this market.

Hispanics are a young and vibrant community. Within that community, the average age is 27 years old, which is 10 years younger than the general market. The Hispanic Millennial group is drawing a lot of attention from corporate America.

Millennials, also known as Generation Y, refers to anyone born in the U.S. between the early 1980s to the early 2000s (approximately ages 13 to 35). This young group contains the marketing “sweet spot” of 18-25 year olds, which is a very lucrative market for many industries.

According to a study from PNC bank, Hispanics between the ages of 20 and 29 carry about $10,000 less debt than other Millennials. The average debt of this particular age bracket is $18,000, versus $27,800 for their peers. This age group of Hispanics is also more likely to be saving on rent by living with their parents (45%) compared to their counterparts (39%). [Read more…]