At 34% of the 15 Million Hispanics that earn between $50 and $100,000 per year, Affluent Latinas are a market segment that deserves the attention of all brands, from CPG to Luxury products. Not only is this a sizable market but it is surely one of influence and purchasing power.
Thankful for the hard work of their parents in pursuit of the American dream, the road to success for Affluent Latinas has meant to go to school, work and care for their younger siblings; work harder than the rest; and overcome social and racial barriers that their Non-Hispanic White peers never had to consider. Today, Affluent Latinas are educated, financially secure and climbing the socioeconomic ladder in America.
According to Nielsen’s Latina Study 2013, Latinas are 11% more likely than Hispanic males to graduate from high school and attend college and actually 1% more likely than Non-Hispanic women. Today, 62% of all Latinas are pursuing college, +12 points higher than Black women and at par with Non-Hispanic Whites (Source: PEW Research Center).
This Cross Cultural Hispanic Millennial woman is committed to education as the means to attain socioeconomic advancement and fulfill the American Dream that her parents struggled so hard for. She is her own woman who marches to her inner drummer and there is no one stopping her! Yet culturally, she stands apart from entitlement and the laissez faire attitude of her Non-Hispanic Millennial counterparts.
Enriched by the layering of two different cultures, she takes the best of both the Hispanic and American cultures. As a Hispanic who saw hard work in the lives of her parents, this Neo-American woman has a strong work ethic and feels grateful for having the opportunity to do even better than them. But as a US born or raised Latina, she shares the American values of independence, accountability and pursuit of her dreams with her American sisters.
- Hard work
While Non-Hispanic Millennials are choosing to work in what they like at the expense of economic attainment, Latinas are going for the glass ceiling across professional sectors and entering the corporate race to the top. Interestingly, work/life balance is so much a part of their Latino cultural make-up that they don’t have a need to give up one for the other. Family orientation continues to be the most important value to pursue, but this is not seen as a conflict with her social and economic aspirations. Based on their own parent’s life experience, Latinas continue to believe that if you work hard in this country, you will succeed in life and attain a better future.
- Navigating two cultures.
Much has been written about acculturation and its effect on second and third generation Hispanics, most leading to the conclusion that 21st century immigration in America does not conform to the historical experience of assimilation but in contrast, that Latinos in the U.S. are happily living the best of two worlds: the heritage of their country of origin, and their American reality. Navigating two cultures allows this generation of Latinos very distinct advantages that poise them for success among America’s best companies to work for:
- They are proficient in two languages;
- They have a first-hand understanding of the most important cultural change in America;
- They bring a stronger sense of “world-consciousness” for globalization.
This generation of Latinas recognizes the empowerment these advantages provide and aim to retain the best of these two worlds by passing on their bi-cultural values to their own children for years to come.
Over-indexing in usage of technology, social media and digital platforms, Affluent Latinas are more connected than ever thus, not only empowered by education and achievement but also poised to be heavy influencers across social, professional and commercial spheres.
The sky is the limit, if there is a sky at all. Brands that recognize, empower and facilitate the connections of this desirable consumer segment will reap the rewards of their engagement and potential loyalty. As much as major retailers and CPG market leader brands have made inroads into the U.S. Hispanic market preferences and choices over the last 15 years, health & wellness, beauty and luxury brands must wake up and smell the roses. Or better said, they need to take steps to earn their fair share of the rising economic power of affluent Latinas. After all, these fashionable, culturally rich and aspiring Latinas are limitless, thriving and optimistic about the future.