Growing affluence makes Hispanic women control $1.2 trillion in spending


If you are ignoring the Hispanic woman next door, you are missing $1.2 trillion in annual consumer spending every year.

She rules the roost.

Nearly 86% of Hispanic women are primary shoppers in their homes. They discover new brands, show staunch affinity towards Colgate, kill brands they dislike and decide on big-ticket purchases.

Today’s Hispanic shoppers are savvy and they combine print and digital media to shop and save, according to Valassis, publishers of Red Plum and Brand.net.

“They toggle both sides of cultures and this really resonates with them,” said Alison Hofelich, Sales Executive at Valassis citing data from The Valassis Shopper Marketing Report. A higher percentage of Hispanic shoppers prefer to speak in English while retaining their language.

Women are the main decision-makers in homes. Their educational levels are increasing, income is growing and social connectivity is up. They straddle cultures holding on to their roots, adapt well to new technology and are on social networks at a higher number than U.S. women in total.

Hispanic women are also prolific “showroomers,” meaning that 8 out of 10 first look at products in a showroom and then search online before making a final decision.

They live in ethnic enclaves in different parts of the country and reaching them requires thorough research, data analysis and an understanding of their unique needs. This would mean reaching them through contextual targeting after understanding their needs, behavior patterns and unique cultural affinity.

In the 18 to 34 age group, 45% of the market is now Hispanic.  By 2050, the projected Hispanic population will be 132.8 million, representing 30% of the U.S. population.

There is no time to wait. The next three decades are already here.

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: