In a matriarchal culture such as ours, the family dynamics in Hispanic homes revolve around mamá or mami, abuela, tía and nena*. Opportunities abound for brands that address the needs and desires of these Latina shoppers: She is the gateway to the larger Hispanic family unit; she is the decision maker in the household and she makes the choices of brands and services for herself and for her entire family. SHE is the target.
Numbers don’t lie. The results data of Census 2010 leaves no doubt that the U.S. Hispanic market is the biggest source of growth for brands in the consumer market today. At 43% growth rate compared to 10 years ago, the U.S. Hispanic market accounts for 56% of all population growth in the U.S.
At 52 Million Hispanics, this is a bigger market segment than Gen X (41M); three-fourths as large as Baby Boomers (79M) and half the size of Millenials (104M). Census numbers for age and other demographic segmentations will not be seen for another three months (June, 2011) but assuming that the percent of total Hispanic women remains stable at 44% of total Hispanic population (50.5 M), we have a critical mass of some 22 million Hispanic women living in America that have been accounted for.
Results of the 2010 Latina Shopper Study conducted by Redbean Society and New American Dimensions reveal the motivations, barriers and expectations of today’s women of Hispanic origin, broken down by level of acculturation. This Neo-Latina is a savvy, informed and highly active shopper that spares no effort in making the right choices among the numerous variety of products and brands in the market. When confronted with economic adversity, she has found her way to survival and managed to continue her path toward meeting her aspirations.
The challenge for marketers lies in how to make their brands relevant to a growing number of Latina shoppers who engage through cultural stimulus that may or may not be embedded into their brand’s universal positioning. Neo-Latinas live in two worlds; they are bilingual to varying degrees of fluency; and are exposed to both Spanish and English media. But that does not mean that you can reach her and engage her without first thinking about your brand strategy. Marketers must ask the questions, “do we know her”? Do we understand her mind state and reality? How does my brand establish a relevant, trusting relationship with her that will empower her to choose our brand? There is no cookie cutter approach to these questions. The art and science of connecting the dots between your brand positioning and these gatekeepers behind $1.5 Trillion in buying power lies in expertise and market knowledge.
*Translates: Mom, or Mommy; grandma, aunt or girl. “Nena” is an endearing term for “nina”, which means girl.