Latinas' importance cannot go unnoticed: she is an early adopter, the first to try something new and tell friends and family about it. She shares all things lifestyle via social media. As part of large families, she moderates the transition between Spanish and English and the choices associated with it. She even spends more than her non-Latino counterparts in several major categories. Not surprisingly, Latinos' spending power reaches up to 1.5 trillion dollars per year.
When I think of the Latina woman in the U.S., I think of the diversity of cultural backgrounds, skin tones, the beauty of their eyes, the color and styles of their hair, and the pride they carry with every move they make. Latinas make up almost 1 in 5 of the female population in the U.S. and 1 of every 2 in major cities. She is a proud woman carrying the heritage, culture, and history of her family. She leads the household in the care and preparation of living between two worlds. She grew up in a Spanish-speaking, traditional home where English is the second language; that is America, the melting pot. She is young and aspiring, with an average age of 26 compared to 40 for her non-Latino counterparts. She is the head of her household: an independent decision-maker and navigator of brand options for both herself and her family.
About 43% of Hispanic women ages 25 and older have completed some college degree or obtained an Associate's, Bachelor's, or Graduate Degree, a 37% increase since 2005. As Latinas continue to be born in the U.S., we will see continued growth in educational gains, leading to better economic standing and a continued rise in entrepreneurship. Over the last fifteen years, Latinas outpaced the U.S. population growing 87% creating new businesses while the total amount of female majority-owned companies grew only 27% in the same timeframe. They are twice as likely to have a business compared to their Latino male counterparts. According to recent Census data with under 2 million Hispanic female majority-owned firms in the U.S., with $81.7 billion in sales, they are stepping into independence, shaping themselves to become the company leaders of tomorrow.
Why are they important?
- Latinas are a young consumer with many years of attrition in choosing brands and purchasing ahead.
- While representing 19% of the U.S. female population, they over-index in key product categories, translating to higher spending.
- For every dollar spent on hair care by the average female, Latinas spend 40% more.
- Hispanics will fuel population growth for decades to come and are responsible for all the larger population growth.
- In terms of haircare, they wash their hair with higher frequency per week while using a separate shampoo and conditioner.
- The perfect strategic target for hair care as they buy and use 2 different shampoos during an average month when compared to the average female.
- They are the face of brands across key consumer categories.
Beauty is part of their culture and ours at LatinUs Beauty. Early in life, Latinas learn that having a good appearance is essential, so it makes sense that they want to have a great look while making their family proud. Latinas personify beauty in the U.S. in the last decades. Gone are the days when beauty was defined solely by blond-haired, blue-eyed women. Today, Latinas grace the covers of leading fashion magazines and are spokespersons for prestigious beauty brands. In the last 20 years, half of the Miss Universe winners are from Spanish-speaking countries. Suffice it to say they will not leave their house without a perfectly quaffed look and feeling of freedom as they want to feel in control.
The fact that for Latinas looking good is of cultural importance makes it less surprising to hear that price is not a factor when it comes to product purchase consideration. Price is not the most crucial factor—getting the beauty products they need is the fundamental motivation. A recent study reported that 68% of Latinas vs. 56% of non-Latinas would spend to get the right brand satisfaction. If a brand costs more, Latinas believe that it is of better quality. Bottom line, looking good has no budget.
Latinas have arrived!