- Predominantly Spanish-speaking Hispanics tend to be brand-loyal, despite economic conditions
- CVS Caremark names Helena Foulkes EVP, chief healthcare strategy and marketing officer
- Mike Bloom resigns from CVS/pharmacy, assumes president, COO role at Family Dollar
- MinuteClinic forms clinical collaboration with St. Rose Dominican Hospitals
- Rite Aid finishes tough fiscal year, but Q4 shows improvements
A study of 900 women by Siempre Mujer magazine, a Spanish-language publication that covers beauty, fashion and lifestyles for Latinas, found that Latinas prefer details in beauty products, follow a multipronged beauty regimen and tend to outspend women in the general population when it comes to beauty, with more than 52% spending $25 or more per visit. In other words, Latinas represent a significant opportunity for retailers and beauty manufacturers.
Giving the growth of the Hispanic market and the rising buying power, it is important that retailers and manufacturers understand how to effectively connect with this beauty shopper.
By 2016, this demographic group will comprise 17.8% of U.S. residents, furthering its impact on the U.S. economy as its presence and buying power, according to research released in 2011 by IBISWorld, an independent source of industry and market research. Over the next five years, the nation’s buying power is projected to grow 27.5% to $14.7 trillion, while that of the Hispanic population is forecast to grow 48.1% to $1.6 trillion, according to the IBISWorld research. These are significant numbers.
Further illustrating the importance of effectively reaching this year is Mintel’s "Hispanics and Personal Care–U.S., January 2011" report. This report highlights that “Hispanics are brand-conscious, passionate about their appearance and believe that looking good leads you onto the path of success. As such, it is not surprising that Hispanic women have especially strong attitudes toward wearing makeup, most notably for complementing an outfit and enjoying the ritual of putting on makeup.”
With such tremendous buying power and a significant interest in beauty, those retailers and manufacturers that can effectively connect with is beauty-conscious shopper undoubtedly stand to benefit — in a big way.