Hispanics are clearly driving the growth of the beauty industry. So what are the factors behind this trend? Some factors include the Hispanic population’s size and its increasing purchasing power, its youth, and cultural influences:
- According to the US Population Census, approximately 56 million Hispanics currently live in this country, representing 17.6% of the total population. This number is linked to its important purchasing power of $ 1.3 trillion, according to the Selig Center for Economic Growth.
- In addition, these consumers are young. US Hispanics have an average age of 27, compared with 42 for white non-Hispanics, 35 for Asian Americans, and 32 for African Americans. The result? Hispanics have a longer period of actual buying power.
- In the Hispanic culture there is a clear penchant for beauty products. The proof lies in the fact that 7 of the 10 major categories of non-food products belong to the health and beauty department: fragrances, hair care, diapers, men’s toiletries, cosmetics, deodorants and sanitary protection.
Source: Abasto