New report shows the potential, reach of Hispanic beauty shopper
The Hispanic consumer appears to be more engaged and increasing in buying power, making the community a significant force.
So how does one company capture the attention of this demographic, specifically in the beauty world? NielsenIQ took a look at how brands can connect with this community. It concluded that companies need to understand their diversity, cultural influences and even personal values.
Currently, there are more than 62.5 million Hispanics in the United States, and they represent an estimated $2.4 trillion in spending, which is up 87% in the past decade, according to the organization’s “Understanding the Hispanic Beauty Consumer: Trends, Values and Buying Power” analysis.
Top values for members of that community include honesty, family values and protecting them, authenticity and stable personal relationships, which can be linked to ambition and well-being, according to NielsenIQ.
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When it comes to companies and their brands, understanding these core beliefs and finding a way to connect with the messaging to attract shoppers can prove beneficial, as Hispanics make up 14.4% of beauty consumers nationwide and account for 16.6% of the total dollar spent in the industry.
The top categories for spending are fragrance, cosmetics and hair care, and Hispanics outspend other consumers by an average of $39 in the categories each year, according to NielsenIQ.
Higher spending can be attributed to the Hispanic shopper’s preference of putting a high value on their appearance. According to those surveyed by the organization, 61% shared that they think about their looks all or most of the time, compared to 46% of non-Hispanics.
This also leans into Hispanics’ emphasis on self-care, with 37% believing it is important to pamper themselves regularly compared to 26% of non-Hispanics.
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Sustainability also plays a role in product purchases as 33.2% of Hispanics shared that they are influenced by environmentally friendly attributes and only 7.2% are affected by natural or artificial ingredient-free products compared to 43.5% of non-Hispanics.
It’s clear from the data that the Hispanic beauty shopper is one who influences the market in a significant way and one that big brands should continue to court.
