Hispanic women are rapidly becoming an economic and social powerhouse in the United States, with rising rates of entrepreneurship, educational attainment and delayed marriage, according to Latina 2.0: Fiscally Conscious, Culturally Influential & Familia Forward, a Nielsen report released just before the start of Hispanic Heritage Month (September 15 to October 15).
This year's report focuses on the increasing economic power of Latinas and how this power is being translated into breadwinner status in the home and influencer status in the U.S. mainstream. Also covered in-depth within the report are Latinas’ innovative technology ownership, strong social media presence, powerful purchasing in a variety of industries and pop culture influence; especially among consumers who try products from outside their root cultures. Key insights from the report include:
- Rapid Population Growth: There are currently 28 million Latinas in the United States, representing 17% of the total U.S. female population. Between 2005 and 2015, the Latina population grew by 37%.
- This growth is slated to continue, because, with an average age of just 31, Latinas are a relatively young population.
- Bilingual Consumers: Though only 34% of Latinas are foreign-born, 74% over the age of five speak a language other than English in the home. In fact, only 26% of Latinas speak solely English in the home.
- Educational Gains: Between 2013 and 2015, 74% of Latina high school graduates enrolled immediately in college, two percent higher than for non-Hispanic women. When it comes to higher education, the percentage of Latinas having earned Bachelor’s degrees increased from 21% in 2005 to 25% in 2015
- The increase in Latinas’ education is leading to an entrepreneurship boom. Between 2007 and 2012, the number of Latina-owned businesses grew by 87%, and now total 1.5 million, with $78.7 billion in sales.
- Super Connected: Latinas are significantly more likely than non-Hispanic white women to use social networking sites, such as YouTube, Instagram, Google+, Snapchat and Twitter.
- Hispanic women are more likely than their non-Hispanic white counterparts to own smartphones and smartwatches, and to watch videos on smartphones, listen to online radio, download/purchase music and play video games.
- Traditional Cooking in a Modern Reality: 77% of Latinas agree they enjoy being creative in the kitchen, and 79% agree they cook meals regularly. Thus, it’s no surprise that Hispanic households buy more “from-scratch” cooking items like shortening/oil, spices/seasonings/extracts and dry vegetables and grains.
- However, with their increasingly busy lifestyles, Latinas find themselves in need of quick options. 47% of Latinas agree they often eat meals on the go.
- Latinas’ Consumer Influence: 74% of Latinas say they are likely to recommend products to others, and 40% say people often seek their advice before making a purchase.
- Latinas’ use their digital prowess to influence purchasing as well, and are more likely than non-Hispanic White women to use social networking sites to voice their opinions on products and brands.
- For marketers and manufacturers, the true size of the Hispanic market is magnified exponentially when taking into account Hispanic influence on the general market, that is, the degree to which non-Hispanic consumers think, consume and behave beyond their root culture, and may be influenced by Hispanic culture. This information can then be used to create marketing and communication efforts with an increased return on investment.
To download report CLICK HERE.