The Latin@ market is expanding, with numerous U.S.-based companies now capitalizing on Latin American-inspired flavors and products. Let’s take a closer look at the statistics on where Latin@ buying power is in the United States right now.
What “Bicultural” Means for Business
According to a survey-based study from creative multicultural agency LatinWorks and research consultancy EthniFacts, the idea of the homogeneity of the general Latin@ market is now moot. This is because more and more Latin@s in the United States now see themselves as bicultural – no longer identifying as either “American” or “Latin American,” but now as both. The stats show it: 63% of respondents feel proud to be Latin@; at the same time, 85% feel simultaneously American and Latin@.
What does that look like for businesses? For starters, it means that the Latin@ market and the U.S. market are blending together – where many Latin American products are gaining popularity stateside, while Latin American-inspired flavors are also selling well.
One example was brought out specifically with Latin@ parents in mind – people whose children are growing up to, more often than not, identify as bicultural. Goya has recently introduced guava-flavored baby food. According to Joseph Perez, senior vice president of the company, for Latin@ families, products like these aim to please the Latin@ demographic while simultaneously “expand the taste buds” of other children.
The Latina Power Shift
A report released last week from Nielsen highlights the growing buying power specifically of Latina women. These numbers are significant. By the year 2060, Latinas are expected to make up 30% of the overall female population in the United States. The stats are showing, too, that Latinas are having more and more influence on primary purchases in the home. The percentages of Latina women who responded that they make the most household decisions include 67% for food, 66% for clothes, 59% for pharmaceuticals, and 50% in personal and home electronics.
Marketing to the Demographic
When it comes to marketing to the Latin@ demographic, there are a lot of identities and social positions now at play. These shifts, not only into biculturalism but also to a new change in primary purchases by gender, are not insignificant. As such, it means that we need to take a closer look at targeted marketing to the Latin@ demographic – with just as much focus on women.
Does your business target the Latin@ demographic? Will you start to soon?
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