Study Finds Latino Consumers Spend More on Beauty Products
Cosmetics are a big deal. Not only is more than $40 billion spent on cosmetics around the world each year, but cosmetics affect people’s attitudes. One in three women admit that they won’t leave the house without makeup on, while 44% of women find it troublesome when men’s eyebrows, nose hair, or ear hair is left untouched.
A new study, though, reveals that cosmetics are the biggest deal to Latinos.
According to a recent report from the Nielsen Company, Latino household consumer spending for 2015 is projected to be around $1.5 trillion, much of which is spent on beauty essentials.
“Hispanic spending in seven key beauty categories grew year-over-year,” says the report. “As a result, Latinos, who represent about 17% of U.S. population, are becoming more important to health care and beauty.”
Nielsen found that Latinos spend money on 20 consumer packaged goods, half of which were all in the health and beauty category, more frequently than the general population. It was also found that Hispanics purchase many different beauty products at higher rates that the rest of the market in the United States, too.
What may be surprising, though, is that the results of this year’s study should not be all that surprising, as last year’s data already revealed the powerful influence the Latino demographic has on the cosmetic industry. According to the previous year’s findings, Latino men actually outspend non-Hispanic men on all things cosmetic — from hair coloring to body sprays to hair spray.
The study also found specific consumer trends within the Latino community, which were also quite interesting. Last year’s study revealed that there are significant differences between Latinos who prefer to speak Spanish, and Latinos who are primarily English speakers. Spanish-speaking Latinos spend more on hair growth products and hair coloring goods than those who prefer to speak English at home, while Latinos who use English spend more on hair spray and feminine body powder than their Spanish-preferring counterparts.
Ultimately, the study makes one thing clear: the Latino community loves its beauty products. Maybe that’s why eight Latina contestants have won the Miss Universe contest in the past 15 years.