Latinos view shopping differently than their non-Latino counterparts, a study finds. For the fastest-growing demographic in the United States today, shopping is a social experience that involves many sources of information, their senses, multiple generations and trendsetting.
The survey, conducted by Lapiz, a marketing agency for emerging cultures based in Chicago and an affiliate of Leo Burnett, interviewed more than 13,500 shoppers in seven North American and European markets. It was completed in September.
The U.S. Latino population is expected to increase to 337 million people by 2020. Latino buying power is projected to grow from $1 trillion in 2010 to $1.5 trillion in 2015. The median age of the Latino population is 28 years old, nearly 10 years younger than the total market age of 37 years.
Other findings:
● 55% of Latinos like to touch a product before buying it, and nearly three times as many Latinos as non-Latinos think it’s fun to immerse themselves in a store environment while shopping.
● 45% enjoy shopping with children—more than three times the number of non-Latinos.
● Radio, billboards and infomercials still rank high as sources of information for Latinos.
● More than 40% pay close attention to the latest trends, possibly because the demographic is younger and, therefore, more impressionable.
● In person and online, Latinos rely heavily on the opinions of friends and family when they shop. Some 48% use social media while shopping, 46% use online videos to support their shopping experience and 36% share opinions and post product reviews online.
● More than half of Latinos shop with a mobile device and 43% shop with a tablet.
According to Gustavo Razzetti, executive vice president and managing director of Lapiz, the Latino market provides retailers and marketers with a unique opportunity to reinvigorate their marketing strategies.
“Latinos are masters of social shopping,” Razzetti says. “They leverage mobile, social media and friends and family to share their shopping experience before, during and after. For them, shopping is a journey that combines a physical, multisensorial experience with a digital, multisourced one, too.”
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