Conference Presentation, Panel
Marketplace Influence Empowers the New Latina
- The Latina population is projected to transition from a market subset to the general market, driving national economic growth with a consumer buying power nearing $1.5 trillion.
- Post-millennial Latinas are expected to undergo the fastest generational shift since the baby boom, earning five to twenty times their parents' lifetime income and leaping past them in economic and social standing.
- Demographic shifts indicate Latinas will comprise 30% of the U.S. population within the next 40 years, with close to two-thirds of post-millennials in markets like Riverside, San Bernardino, San Antonio, Los Angeles, and Phoenix being Latino.
- Significant purchasing power is anticipated in "prime acquisition mode" for high-value items such as automobiles and real estate, alongside a 7% lift for brands like Honey Oats and a 4% sales increase for Kraft Macaroni and Cheese in targeted stores.
- Mobile engagement is expected to remain high due to a 70% smartphone usage rate and the demographic's status as the top video streaming group, necessitating specific attention from mobile companies.
- A massive job surplus for technologically trained workers is predicted, with one million technical jobs forecasted unfilled by 2020, creating an opportunity to convert high-technology Latina consumers into industry innovators.
- Entrepreneurship among Latinas is expected to accelerate at three times the rate of the general market, particularly in STEM fields where an individual is projected to earn $3.4 million over a lifetime.
- Political influence is forecast to grow critical over the next 21 years, with a new Hispanic adult turning 18 every 30 seconds, making it necessary for presidential candidates to court this vote and enabling Latinos to potentially run for and win political office within the next 20 years.
- Companies implementing workforce diversity, employee resource groups, supplier diversity, and C-suite representation are expected to realize significant profits, while those failing to reach the demographic or executing strategies incorrectly face the risk of irrelevance.
- Structural barriers in media are expected to break down, fostering a bright outlook for digital advertising and content, while pension funds like CalPERS and CalSTRS are positioned to deploy capital to fund Latino women businesses.
- The bilingual nature of the market is described as "not either or, it's and," requiring marketers to adapt language strategies while organizations address the lack of community mobilization and access to capital to achieve industry leadership.
- Major retailers began focusing on this demographic seven to nine years ago, and those companies are expected to sustain their success, whereas the failure to understand post-millennials could place the broader market in "real trouble."