New Study Unveils U.S. Latinas’ Influence on the $7 Trillion Female Purchasing Power – Just in Time for the Holiday Shopping Season
Highlights Biggest Business Opportunity for Brands
In advance of the holiday shopping season, BODEN, a cross-cultural communications agency, and QuestMindshare unveiled The Latina SmartPurse™. The Latina SmartPurse is an innovative research initiative focused on the Hispanic female in the U.S. This progressive research 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,” Natalie Boden, president, BODEN, says. “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 towards 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 Latina
– 70% care more about quality than price
– Spend an average of 5 hours a day on social media channels to connect with family and friends, research products, and follow brands they trusts
“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,” added Boden.
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, 24% Spanish dominant and 76% English dominant.
BODEN is a leading cross-cultural communications agency with experience reaching consumers in the U.S. and Latin America. The agency works with some of the world’s most iconic brands on big, bold thinking that drives conversation, connects communities, and inspires cultural leadership.
BODEN is a WBENC certified woman-owned company and a strong advocate for the advancement of women and girls. The company is a part of the Latina Advisory Board of Girls, Inc. and gives a percentage of its yearly profits to organizations that impact the lives of at-risk girls.
In 2003, Quest Global Research was established to address the needs of leading market research firms as a market research solution. Quest, combined with its internal capabilities and network partners, have undertaken thousands of different research projects across the globe. For more information, visit QuestMindshare.com.