Are You Overlooking the Fastest Growing Demographic?

I could list all the stats that show that the Hispanic population is the fastest growing in the U.S. but that's old news.

Instead, take a look at WHY, you need to reach out to them:

Latinas Are Technically Savvy, Brand-Loyal 'Chief Household Officers'

Two Hispanic media companies have partnered to tell marketers what Latinas want in an in-depth survey and video ethnographies that explore everything from Latinas' financial worries to their brand-bursting refrigerators and bathroom vanities.

Meredith Hispanic Ventures and NBC Universal's Spanish-language network Telemundo Group collaborated on in-depth, at-home video interviews with 13 young Latina women in four cities and on a wide-ranging survey of 1,004 Latinas and 500 non-Hispanics.

"What most surprised advertisers was how technically savvy this woman is once (household income) reaches $50,000, and how much they've raised the bar in what they want from the American dream," Ruth Gaviria, VP of Meredith Hispanic Ventures, said of marketers who saw preliminary results.

According to the study, conducted by OTX Research, the Latina respondents were slightly more likely than the non-Hispanic respondents to take pictures with a digital camera (45 percent compared to 42 percent) and download music to an iPod (28 percent compared to 22 percent).

Main decision-makers
"She's the chief household officer, and she's making all the decisions, from finances to food," said Jacqueline Hernandez, chief operating officer of Telemundo. "She has a new-found self-identity. She's very ambitious, and wants to have more than her mother."

In the "What Latinas Want" research, 81 percent of respondents said they are either the main decision-maker or make decisions with their spouse. The key factors determining their success in life were education, being fluent in English as well in Spanish, and often owning a business. Latinas are optimistic and self-confident, with 66 percent describing themselves as "someone who can do it all," compared with 53 percent of non-Hispanic women.

Latina respondents said their greatest financial concerns were rising taxes (75 percent), saving for retirement (71 percent) and paying bills each month (70 percent). Not including home mortgages, 44 percent said they have less than $10,000 in debt.

According to the research, 40 percent of Latinas described themselves as fashion-forward, 37 percent said they keep up with beauty trends and 37 percent prefer to use the latest products, compared to a somewhat smaller number of non-Hispanic women who said they are fashion-forward (31 percent), keep up with beauty trends (30 percent) and prefer the latest products (32 percent). The ethnography videos revealed an amazing assortment of beauty products in Latinas' homes.

Loyal to many brands
"She loves beauty and she's loyal, but she's loyal to just about every single brand," Ms. Hernandez said.

The ethnographies also revealed refrigerators and pantries packed with both Latin and mainstream products, as these women prepare some of the same foods they grew up with but add new ones.

"She's really mixing it up with American and Hispanic recipes, in spices, side dishes and how people eat at home," said Ms. Gaviria. "It's really fusion cuisine. For (companies such as) Nestle, Kraft and Unilever, that's actionable for them."

(Source: AdAge.com, 04/21/09)

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