Meet Generation Equis
Whether you are a gringo (not of Hispanic, Latino or Spanish origin) or of any heritage – it is really unimportant. Our intent is not to use this term in a negative manner. We wanted to capture the attention of those that are not of Hispanic or Spanish origin as they stand to benefit the most by fully understanding Generation Equis and the potential of this untapped market.
Our non-gringo, Generation Equis friends, will certainly also benefit from this article by marketing to Generation Equis. You may not be aware that Generation Equis is perhaps one of the most rapidly growing population groups seen in the last century. They represent an incredible opportunity for any business or individual that learns how to effectively market, service and sell to them.
Who Is Generation Equis?
Generation Equis is a label given to the generation of individuals that are of Hispanic or Spanish language background that were born after 1960. The majority of this rapidly growing group lives in America but they also reside in other countries throughout the world. You may be asking yourself, “Why is this group so important?” You are about to find out.
To understand future opportunity, it is often useful to take a brief look at history. Let’s define the historically well known Generation X term. It is common, though many do not understand what it truly represents. Then we will go into greater detail about the Hispanic equivalent – Generation Equis.
Generation X Definition
During the twentieth century, American historians and social commentators placed labels on various generations to quantify or label them for reference purposes. Today, Generation X is most commonly referred to as the nearly 80 million people born during the 1960s and 1970s. If you focus on the historic accomplishments represented by this group, you could refer to them as:
- Self Taught and Independent
Generation X was once thought to be lazy or unfocused. Though, as we look at their accomplishments, this will prove to be a misleading negative concept introduced by the media early on. Quite the opposite seems to be true today.
Generation X, through their accomplishments, is now viewed by most as one of the most entrepreneurial and technology friendly generations in American history. Why? Just look at how they have driven a majority of technological advancements enabling America to undergo rapid and significant advances. The most substantial include the personal computer paired with the Internet’s astonishing growth and popularity. Many billion dollar companies such as Microsoft, Dell, MySpace and YouTube, to name a few, were founded by people belonging to the Generation X demographic.
Generation Equis Definition
Generation Equis is very similar to Generation X in many ways. The primary difference is that Generation Equis represents those of Hispanic or Spanish speaking country origin only. This defines a diverse yet similar group that shares many traits:
- Solid culture bonds them to their respective country of origin.
- Strong family values and unity are the norm.
- Being community minded – they choose to support their community.
- A determined work ethic is typical.
- Desire to do what it takes to earn and live the American Dream.
- Pride in ownership, education and entrepreneurialism.
- Their origin is from over twenty countries, unified by a common Spanish language foundation, including Central and South America, the Caribbean, and Spain.
- They speak Spanish, English, or both.
The growth potential of Generation Equis is equal or greater than that of their Generation X counterpart. We will expand on this in the sections that follow. In essence, they represent the same fundamentals and work values that enabled America to have unprecedented growth over the last one hundred years. Keep this in mind as you also realize their population group is consistently growing at a faster rate than Generation X or any other similar group in America.
The Demographic of Generation Equis
It is important to understand the people that make up Generation Equis, their culture, as well as the growth trend of this population both in number and in their use of the Internet. Generation Equis includes Spanish Speaking Immigrants, Temporary Hispanic Workers, and Chicanos (second & third generation born to Hispanic Immigrants).
As we pointed out in our definition of Generation Equis – their culture is ironically very similar in many ways to the culture that formed the foundation for America. A hard working spirit combined with strong family values and a solid sense of community. These are the very fundamentals that enabled America to grow substantially over the past one hundred years. The population growth trend of Generation Equis in America does not require much discussion. It is rapid and continued growth.
In an early 2010 speech made by the President of the United States; Barack Obama, estimated that there are eighteen million Hispanics that may have entered the country by not following appropriate immigration guidelines; this statement infers that these “illegal immigrants” are not being counted in the Census. Thus in reality, the Hispanic population, or Generation Equis is much greater than the actual Census numbers indicate.
One in six living in America is in fact of Hispanic origin and this number could soon be one in five or less if you consider the current growth trend where the Hispanic population nearly doubles every ten years. It will be very interesting, but not surprising, to see the results of the 2010 Census as the full Census is only taken every ten years and the 2010 Census data was not available at the time of publication of this article. It is unlikely that the current trend will change any time soon.
So when you ask yourself who is Generation Equis? Just look around – they are the people all around you. They are a significant and rapidly growing part of America and the world. They are the successor or counterpart to Generation X. As history repeats itself – patterns of ethnic, cultural and market changes do also. We have seen this with civilizations around the world. This article focuses on the next emerging market, a repeat of Generation X, but focused on the next Generation X, the Hispanic population, appropriately and similarly named, Generation Equis. “Equis” being the letter X in Spanish.
It is not to say that Generation Equis will be identical to Generation X, but they represent a new generation which is rapidly growing and should be treated with respect for their growing contributions as well as their potential to play a significant and expanding role in the United States and global marketplace.
This article focuses on how to benefit from this emerging market in America and around the world while enabling them to contribute and benefit as well; much as their predecessor, Generation X, did.
Their Buying Power
The Hispanic population in America alone represents incredible buying power – and that power is increasing daily – even during times of recession. Why? It is a combination of their population growth and determination to create a better life. Sound like a familiar pattern? It should. This similar type of activity enabled America to become the great nation it is. Generation Equis (Hispanic) buying power will exceed one trillion dollars in 2010. This is nearly five times what it was in 1990 based on an estimate by the Selig Center for Economic Growth.
Quite simply, Generation Equis has buying power that exceeds all other minority groups. We will not go into detail on the buying power of Generation Equis in this article. If you need convincing – feel free to use your favorite web search engine and look for “Hispanic US buying power”. You can find a wealth of supporting information to include their buying power and the significant growth expected over the next ten to twenty years.
Our focus for this article is on how to capitalize on this market. So let’s continue with that in mind.
Who Is Benefiting Today
Of course many businesses today are benefiting from Generation Equis as a byproduct of their traditional business model. In many cases these companies do not realize what a large piece of their market share, revenues and recruiting base that this group truly represents.
The real question is which businesses are able to gain incremental revenues, dedicated employees and customer loyalty by targeting Gthis powerful demographic as well as which companies will be impacted when their competition steps up to the plate and reaches out to this group.
Some companies are finally taking notice. According to HispanicBusiness.com, advertisers are now spending billions to market to Hispanics. This trend has continued upward with increased spending of over five percent per year for the past 5 years. Some of the major Fortune 500 companies, as well as small to mid range companies, have been a little hesitant to invest a large amount of capital or resources in targeting this group as they are making their business decision based on the outdated 2000 Census data.
Instead of waiting for the 2010 Census data to show the unprecedented Hispanic population and buying power increases that have been projected, other forward thinking companies, and executives, are using estimates, surveys and common sense to understand the potential of this untapped market and beat their competitors to market with a solid Generation Equis business strategy today. A few businesses that are already actively targeting, and enjoying the benefits of serving Generation Equis include; Geico Insurance, Bank of America, and IBM to name a few.
The list of early adopters is growing rapidly. There will be many to follow and those that do not act will be less competitive and could lose substantial market share for their business.
How You Too Can Benefit
The best way to benefit is to get started. Work on your plan and read on…Those that do not target this market are missing out. It is estimated, based on census data and independent research that over 10 percent of the buying power in the UNITED STATES is by Hispanics – Generation Equis. As the population group grows at 50 percent annually, and their income levels increase, this percentage will continue to grow at an astounding rate.It is just like investing in a stock; when the cashier at the local grocery store is telling you to buy a stock, it is time to sell.
Timing is everything when considering tapping this ripe market. It is imperative that you be an industry leader and not a follower, to create and implement a successful Generation Equis business strategy that will make you stand out as a pioneer in your industry.
The time is now to target Generation Equis. Are you and your business ready to benefit?