November 15, 2016
Source: NACS online
In advance of the holiday shopping season, BODEN and QuestMindshare unveiled The Latina SmartPurse, a new research initiative focused on the Hispanic female in the United States that takes a deep dive into the modern Latina consumer, her influence, and what she expects from brands when making purchasing decisions.
"We are seeing a continental shift in Latina females and their role in our society and economy; they are playing many roles as business owners, mothers, cultural evangelists and societal influencers," said Natalie Boden, president of BODEN, in a press release. "The Latina SmartPurse study shows us that there is no better time than now for brands to invest in Latinas as a key consumer segment within the U.S. landscape."
According to a 2015 study by the White House Initiative on Educational Excellence for Hispanics, the number of Hispanics living in the U.S. has more than doubled. At 54 million, Hispanics now make up the largest ethnic minority in the country. Currently, one in five women in the U.S. is Hispanic and will comprise nearly one third of the country's female population by 2060.
The study shows they are bicultural, more educated than ever before, and armed with information from channels of trust. Latinas are showing their affinity toward brands that acknowledge their rise and power and align with personal values.
The new study also reveals Latina females wield tremendous purchasing power as part of the $1 trillion spend among Hispanics and approximately $7 trillion spend among U.S. females. Recognizing and celebrating Hispanic culture creates mega-crossover opportunities for brands to connect with them.
Additionally, findings in The Latina SmartPurse study include:
Latinas earn nearly 50% or more of their household income
More than 57% agree that they are more likely to purchase a brand if their social media content reflects their Hispanic culture
65% agree that it is important for brands to develop content specifically for Latinas
70% care more about quality than price
Latinas spend an average of 5 hours a day on social media channels to connect with family and friends, research products, and follow brands they trust
"Understanding the power the Latina holds in U.S. households is key to earning her purchasing dollars. It goes beyond being culturally relevant; it's about engaging her with content that speaks to her preferences, her triumphs and her ever-evolving identity, and providing her with the tools to continue to help her succeed in the U.S. today," Boden added.
The Latina SmartPurse study was an online survey fielded nationally in April and May 2016 among 2,024 Hispanic females from 18 to 54 years of age, with 24% Spanish dominant and 76% English dominant.