Image via: NBC News
Culturally engaged, early adopters of technology and fashion conscious, Latinos are the current driving force behind retail market growth. Whether purchasing online, in traditional brick-and-mortars or combination of both, Latin millennials–specifically Latinas–are crucial to your bottom line.
Annually, an average of $1,998 is spent annually on apparel and services, compared to $1,659 for non-Latinos as reported by Multicultural Retail 360. Popular retailers include: Zara, JcPenney, American Eagle, Dillard’s and Macy’s. According to the Selig Center for Economic Growth, by 2019 the Latino population will account for 10.6 percent of the total U.S. buying power.
Sally Hernandez is an account executive of Skye’s the limit and recalls the importance of a polished appearance:
“No matter what our budget was, we found a way to look good-it stays ingrained in you. When you see your Mom putting herself together, it makes you put yourself together like that.”
By 2060, Latina’s will comprise 30 percent of the total female population as well as be in command of household spending. As a result, designers are beginning to cater toward their purchasing power–as in June 2012- May 2013, Latina’s spent 3.3 billion on footwear alone.
Celebrities such as Sofia Vergara and Thalia have launched lines at retail stores to continue to market to and attract Latina consumers. In a growing industry, creating meaningful connections with Latina consumers is vital to remain competitive. MediaPost suggests:
- Appealing to touch-points of cultural passion without stereotypes
- Choosing the proper language approach
- Making visuals as compelling as your copy
- Leveraging the power of influencers via word of mouth and a transparent campaign