New Nielsen research shows that Latinas are the primary decision-makers in much of the spending by Latino households. The study said that, taken together, Latinos comprise 52 million people in the U.S. population and are the most influential economic sub-set since the baby boomers.
Women are the primary decision-makers in Latino households when it comes to spending, according to a recent Nielsen study, and often have significant incomes and buying power.
Nielsen reports that middle-class Latino families, earning between $50,000 and $100,000 a year, make up the powerful consumer demographic. At 52 million people in the U.S. population, Hispanics collectively have a buying power of $1.2 trillion, the study said.
“This is a community that’s growing faster than any other consumer demographic or sub-segment in the country,” said Laura Sonderup, managing director of the Denver-based marketing agency Heinrich Hispanidad. “Doesn’t it make sense to allocate the correct amount of resources against that? Because the results will absolutely be there.”
According to Sonderup, some companies are only just waking up to the market value of Latinas while others have been targeting them for years. “The food and beverage industry is one that has really understood what the opportunity is, what the potential is for this particular sub-segment of consumers.”
More Latinas are pursuing advanced degrees and getting into top workforce positions with higher incomes, according to the National Center for Education Statistics. Latinas accounted for the majority of degrees awarded, earning 64 percent of all master’s degrees and 55 percent of all doctoral degrees awarded to U.S. Hispanics.
“There are many Latinas who have gone to law school, who serve now as judges or of counsel for different companies or work with firms in downtown Denver,” said Rep. Crisanta Duran, D-Denver, 33, who is now serving her 2nd term in the Colorado legislature.
But at a recent Hispanic networking event in Denver, many attendees said they were still having to combat cultural stereotypes. “The main perception of Hispanic women is that we only prepare dinner for our husbands,” said Claudia Rodriguez from the local chapter of the National Society of Hispanic MBAs.