Today, Lapiz, the marketing agency for emerging cultures that is part of Leo Burnett, released a new consumer research study, LatinoShop. According to the study, Latinos view shopping much differently than their non-Latino counterparts. For Latinos, shopping is not a process or a chore; it’s an experience – a multisource, multisensorial and multigenerational experience that provides retailers and marketers with a wide range of opportunities to engage. The study is part of a landmark global research initiative, PeopleShop, focused on illuminating cultural, geographical and economical influences that impact how and why people shop around the world.
It’s no secret that the U.S. Latino population is growing. In fact, it is the fastest-growing population group today, expected to increase 22 percent from 2010 to 2020, resulting in 337 million Latinos. Furthermore, Latino buying power is projected to grow from $1 trillion in 2010 to $1.5 trillion in 2015, and the median age of the Latino population is 28 years old, nearly 10 years younger than the total market age of 37 years. Lastly, and most important, by 2015, 1 in 3 babies will be Latino.
As such, the Latino population is consuming and spending faster than ever before. With a younger, more impressionable demographic dominating the masses, it’s predicted that this trend will continue.
According to Gustavo Razzetti, EVP, Managing Director of Lapiz, this shift provides retailers and marketers with a unique opportunity to reinvigorate their marketing strategies.
“Emerging cultures are reshaping America, and Latinos are leading the way,” said Razzetti. “Future growth depends on understanding Latinos and the cultural underpinnings that drive their shopping behavior.”
Cultural roots and a strong heritage influence the way Latinos eat, clean, cook and ultimately how they buy and consume goods. For instance, Latinos’ shopping experience is inherently social, leveraging other people’s opinions, advice and feedback through a variety of channels and networks when they shop.
“Latinos are masters of social shopping,” said Razzetti. “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 both a physical, multisensorial experience with a digital multisourced one too.”
Below is a glimpse into the mindset of today’s Latino shopper:
Touch, see, smell, try and buy: Latinos shop with their senses.
Read more here.