This month Tr3s, the contemporary entertainment destination for Hispanics in the U.S., unveils key findings from its new comprehensive study, "Hispanic Adult Millennials Living The Next Normal: Age of Uncertainty" to delve into the key fundamentals shaping millennial impressions, memories and emotions that speak to the uncertainty of young adulthood in today's world. The study translates broad themes into the daily lives of U.S. Hispanic Millennials 18-29, XERs 30-39 … and their families.
Hispanic young adults have been affected by the challenging economy. The difficult economy has contributed to the delayed household formation for young adults, especially Hispanics 18-34 with 45% living with 1+ parent (Pew Research Center, 2011) and marriage in decline, -29% Hispanic adults ages 18-29 from 2007-2011 and marriage down -12% in Hispanic adults ages 30-39 (Simmons Research, 2012). The new Tr3s study spotlights how delayed adult "launching" impacts families, relationships, and adult responsibilities.
As Hispanic young adults seek more solid financial footing, they're putting off the traditional rites of passage into adulthood such as getting married. In the meantime, while focusing on professional and financial goals, they are content to continue living at home with Mom and Dad. The multi-generational Hispanic household encompasses family members living at different stages in his or her career, romantic life, and varying degrees of financial independence.
Today, 45% of Hispanics 18 to 34 live with their parents, according to the Pew Hispanic Center. They are 18% more likely than non-Hispanic whites 18 to 34 to reside in a multi-generational household. The numbers are even more dramatic among younger, bicultural Hispanic adults 18 to 29: 6 in 10 live with their parents.
One of the key objectives of the Tr3s "Next Normal" research study was to uncover new insights about what life is like for Hispanic families with adult children in the household. The following are key findings from the study.
ADULTHOOD MAKES LIFE AN EXERCISE IN RISK ASSESSMENT, YET HAPPINESS OUTWEIGHS STRESS
Life choices are run through both conscious and sub-conscious risk evaluation – from moving out or staying at home, getting married or just living together, buying both high ticket and everyday things. For all Hispanics 18-39, happiness is found within themselves and their core family relationships – they all lean on the comfort and support of their family. The younger 18-29s were uniquely likely to cite their families as "more hilarious and funny."
CIRCLES OF TRUST ARE ALL ABOUT "TRUE BLOOD"
Trust circles have gotten smaller and include "me, my closest family, my kids and MAYBE my romantic partner." Romantic relationships are high value, high risk yet risk is winning out, but right now their emotional needs are met "Finding someone worth leaving my parents for is tough". The high trust relationship with their parents continues, as young adults become parents with grandparents the #1 information source and the Internet a distant #2 at 8%.
SPANISH IS STILL DOMINANT IN THE HOME
For those Hispanics 18-29 still living with their parents, 86% speak mostly Spanish in the home; even among those who have moved out, 78% speak mostly Spanish in the home. Spanish isn't going away.
REINTERPRETED "EMERGING" ADULTHOOD FOR THOSE THAT LIVE AT HOME WITH A PARENT
Those who believe that "moving out and paying your own bills" equals adulthood are the ones who have already moved out. Those who still live at home see contributing to household bills, paying rent, doing their share of household work and even pursuing higher education as markers of adulthood.
BLING IS FOR XERS AND BOOMERS
Ostentatious displays of wealth are "OUT" and money as a protective talisman is "IN". Money is for security, after all "anything can happen" and saving money helps their goal of moving out.
SEEKING BALANCE, ESPECIALLY BETWEEN TECH AND IRL (IN REAL LIFE)
They know they are addicted to their smartphones and seek balance with games such as phone stacking where all persons in a group put their phones in the center of the table and the 1st to look at their phone pays for drinks, dinner etc. Smartphones ranked #1 on their "Cool" list, and in-person socializing at #2.
SMART 'RECESSIONISTA' SHOPPING HOLDS EMOTIONAL CURRENCY
Hispanic Millennials read, research and marshal resources both new (Fatwallet & Shopkick) and traditional (flyers & direct mail) to get the best deals. However, convenience can hijack pragmatism in shopping and in food at times.
Tr3s is excited to continue our deep dive into the world of young Hispanics as they navigate adulthood in an era marked by uncertainty. Adults 18-34 live in households often quite different from those in the recent past. Life decisions ranging from where (and with whom) to live, whether to marry, how to parent and what to buy, have new implications for today's marketers.
For more information on Tr3s research studies, contact Nancy Tellet, Sr. VP of Research and Consumer Insights at email@example.com.
Check us out on Facebook at MediaBizBloggers.com
Follow our Twitter updates @MediaBizBlogger
The opinions and points of view expressed in this commentary are exclusively the views of the author and do not necessarily represent the views of MediaBizBloggers.com management or associated bloggers. MediaBizBloggers is an open thought leadership platform and readers may share their comments and opinions in response to all commentaries.